Stay in the loop! Subscribe to our newsletter and gain access to exclusive insights, trends, and news from the world of business and leadership. Don’t miss out!
The head of Australia’s competition watchdog said on Tuesday a tribunal overturning its decision to block ANZ Group’s A$4.9 billion ($3.2 billion) proposed buyout of Suncorp’s banking business showed the need for merger law reform in Australia.
On Tuesday, the Australian Competition Tribunal said ANZ, Australia’s fourth-largest bank by market capitalization, could buy Suncorp’s banking business despite the regulator blocking the deal in the middle of last year.
“It provides a basis for support for the merger reforms that we have proposed,” Australian Competition and Consumer Chairperson Gina Cass-Gottlieb told Reuters in an interview by telephone.
Also Read: Investment Banks and Hedge Funds Seize Opportunities in Surging Market
“Where there are concentrated markets and critical household- and business-facing markets, such as banking services, that are conducive to co-ordinated behaviors, we need to have fit-for-purpose merger review laws so we can make sure we don’t lose a competition or … can promote more competition.”
The ACCC has 28 days from Tuesday to lodge a judicial review, but Cass-Gottlieb said it was “too early to tell” if that would occur.
Championing Excellence and Female Leadership in Engineering Sheeba Benny, a trailblazer in the field of electrical
How a 21-Year-Old Turned a Conservatory Start-Up into a $650,000 Business At just 21 years old,
With the global speaking industry valued at over $2 billion and growing rapidly, companies and event
In the world of technology-driven transformation, few leaders stand out as much as Senthil Babu, CEO
How DDSports and DeLuca Designs Business Academy are Revolutionizing Markets and Inspiring a New Generation of
