ACCC Chair Gina Cass-Gottlieb says she is urging for a “fit-for-purpose merger regime” in common with the vast majority of OECD nations.
Her remarks come after the ANZ’s takeover of Suncorp was approved by the Australian Competition Tribunal.
The Tribunal dramatically overturned the decision of the competition regulator, the ACCC, and greenlit ANZ’s $4.9 billion takeover of the Queensland-based Suncorp.
The ACCC Chair’s proposed merger regime would be an “administrative process with set timelines” and come with a “full check and balance across” that process.
A final decision now rests with Treasurer Jim Chalmers, but the Tribunal’s approval has highlighted calls by the ACCC for significant reform to merger and takeover laws.
Following the announcement, Suncorp jumped 5.96 per cent on the ASX 200 while ANZ dropped 2.18 per cent, according to Sky News Business Editor Ross Greenwood.
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