ACCC Rejects Merger Authorization for ANZ‘s Acquisition of Suncorp Bank The Decision The Australian Competition and Consumer Commission (ACCC) has decided not to grant merger authorization for ANZ Banking Group’s (ASX:ANZ) proposed acquisition of Suncorp Group’s (ASX:SUN) banking arm. The ACCC, under its statutory test, must determine whether the proposed acquisition would substantially lessen competition […]
The ACCC Rejects ANZ Banking Group’s Acquisition of Suncorp Bank Introduction In a major decision with significant implications for Australia’s banking industry, the Australian Competition and Consumer Commission (ACCC) has announced its decision not to grant merger authorisation for ANZ Banking Group’s proposed acquisition of Suncorp Bank’s banking arm. The ACCC‘s decision is based on […]
Courtroom showdown looms for $4.9b ANZ acquisition of Suncorp Bank Why it matters The rejection of the $4.9 billion ANZ acquisition of Suncorp Bank by the Australian Competition and Consumer Commission (ACCC) has prompted a potential six-month delay in a final ruling. The ACCC rejected the takeover on the grounds that it would reduce competition […]