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Category: Mergers

Parliament House Australia
Harper competition reforms now passed ?>

Harper competition reforms now passed

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Last week Parliament passed the most significant reforms to Australia’s competition laws in more than two decades. The legislation The Competition and Consumer Amendment (Competition Policy Review ) Bill 2017 (CPR Bill) includes the majority of reforms recommended in the 2015 Harper Report. The related Competition and Consumer Amendment (Misuse of Market Power) Act 2017 (MMP Act), became law on 23 August this year.  As the name suggests, it contains the reforms to the misuse of market power provisions. However, commencement of those…

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Reasons out in Tabcorp ?>

Reasons out in Tabcorp

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The reasons for judgment have been released in the Tabcorp/Tatts judicial review matter – sooner than expected. Of the ACCC’s three grounds of judicial review only the first succeeded; the Court held that the Tribunal erred in not assessing certain detriment alleged by the ACCC. The ACCC’s Grounds of Appeal The ACCC’s three grounds of appeal were that: that the Tribunal was wrong to reason that it could only conclude the acquisition would result in a detriment if it found there…

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Federal Court sends Tabcorp/Tatts deal back to the Tribunal ?>

Federal Court sends Tabcorp/Tatts deal back to the Tribunal

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The Federal Court yesterday upheld the ACCC’s application for Judicial Review, setting aside the decision of the Australian Competition Tribunal on 22 June 2017 to authorise the proposed merger between Tabcorp at Tatts. The matter has now been referred back to the Tribunal. The reasons for decision have been embargoed from release (both to parties and the public) while solicitors for the parties determine whether it contains commercial in confidence material that requires redaction; the solicitors have no more than…

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Documents
ACCC to increase focus on evidence-gathering in merger cases ?>

ACCC to increase focus on evidence-gathering in merger cases

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ACCC Chairman, Rod Sims, yesterday delivered a speech at the annual Law Council of Australia’s Business Law Section Competition and Consumer Committee Workshop. He addressed three broad issues: the ACCC’s compliance and enforcement mix investment in the ACCC’s criminal cartel unit merger enforcement He also made two key announcements: that the ACCC is commencing a new review of its cartel immunity and cooperation policy in light of recent experience with criminal cartel investigations; and that the ACCC will be taking…

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ACCC appeals Tribunal’s Tabcorp/Tatts merger authorisation ?>

ACCC appeals Tribunal’s Tabcorp/Tatts merger authorisation

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The ACCC has applied to the Federal Court for a judicial review of the Australian Competition Tribunal’s recent Tabcorp/Tatts merger authorisation decision. Background I outlined the Tribunal’s Tabcorp decision in an earlier blog (Tribunal Clears Tabcorp/Tatts Merger (ACL Blog, 30 June 2017)) and provided some more detailed information and case extracts on my my Tabcorp case page). Briefly the Tribunal has the power to authorise a proposed merger/acquisition (s 95AT) on public benefit grounds, provided satisfied that the ‘proposed acquisition would…

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Tribunal clears Tabcorp/Tatts merger ?>

Tribunal clears Tabcorp/Tatts merger

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The Australian Competition Tribunal last week granted authorisation for the proposed Tabcorp/Tatts merger. Legal framework for mergers in Australia The Competition and Consumer Act 2010 (s 50) prohibits acquisitions which would have the effect (or likely effect) of substantially lessening competition in any market (with market defined to mean a market for goods or services in Australia or in an Australian State, Territory or region).  There is no obligation for parties to seek competition approval in advance of a merger/acquisition;…

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