MERGERS AND ACQUISITIONS – AUSTRALIA – REGULATION

Tatts sale vote put back to AGM

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Original article by Sarah-Jane Tasker
The Australian – Page: 21 : 29-Sep-17

The Australian Competition Tribunal will undertake a second review of the proposed merger between Tabcorp and Tatts Group in late October. This will affect the timetable for implementing the merger, as Tatts shareholders were slated to vote on the deal in early October. The vote will now be held at Tatts’ AGM on 30 November, and the two gaming groups hope to implement the merger on 14 December. The merger agreement stated that the deal must be finalised by 31 December, and it may have to be renegotiated if this deadline is not met.

CORPORATES
TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, AUSTRALIA. COMPETITION TRIBUNAL

Competition probe shakes ‘four pillars’

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Original article by Richard Gluyas
The Australian – Page: 19 & 22 : 20-Sep-17

Australian Competition & Consumer Commission chairman Rod Sims says it has a "neutral" position on the issue of mergers between the nation’s four major banks. However, the ACCC has used its submission to the Productivity Commission’s inquiry into competition in the financial system to urge it to examine the impact of the so-called "four pillars" policy. The ACCC has also asked the inquiry to consider whether the four pillars policy should be expanded to include smaller banks.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. PRODUCTIVITY COMMISSION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

Gordon, Murdoch in Ten seat after Oaktree exit

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Original article by Bridget Carter
The Australian Financial Review – Page: 19 : 24-Aug-17

A decision by the Australian Competition & Consumer Commission on whether it would approve the acquisition of Ten Network by Lachlan Murdoch and Bruce Gordon is said to be imminent. They have emerged as the leading contenders to buy Ten following reports that hedge fund Oaktree Capital has withdrawn its offer, which was made jointly with Anchorage Capital Group. Murdoch and Gordon are believed to have offered around $A250m for Ten.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, OAKTREE CAPITAL MANAGEMENT LLC, ANCHORAGE CAPITAL GROUP LLC, PPB ADVISORY, MOELIS AND COMPANY, KORDA MENTHA AND COLLEAGUES PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CREDIT SUISSE (AUSTRALIA) LIMITED, NEWS CORPORATION – ASX NWS, WIN CORPORATION PTY LTD

‘Orwellian merger test an affront to democracy’

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Original article by Ewin Hannan
The Australian – Page: 4 : 18-Aug-17

The Federal Government’s proposal to subject trade union mergers to a public interest test has been criticised by ACTU secretary Sally McManus. Factors such as a union’s history of compliance with workplace laws and the merger’s effect on businesses would be taken into account when deciding whether to approve it. McManus claims that the bill breaches the International Labour Organization’s conventions on freedom of association, and that the Government is using the bill as a distraction.

CORPORATES
ACTU, INTERNATIONAL LABOUR ORGANIZATION, THE AUSTRALIAN INDUSTRY GROUP, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIA. DEPT OF EMPLOYMENT

BP issues price vow in bid to win Woolies deal

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Original article by Sue Mitchell
The Australian Financial Review – Page: 19 : 11-Aug-17

The Australian Competition & Consumer Commission is concerned that BP is not as competitive as Woolworths when it comes to fuel pricing. The ACCC is considering BP’s proposed $A1.8 billion purchase of Woolworth’s petrol stations, which was announced at the end of 2016. If the deal goes ahead, it would make BP the largest fuel retailer and wholesaler in Australia. BP Australia president Andy Holmes says it is keen to work with the ACCC to address any concerns it may have about the transaction.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, BP AUSTRALIA LIMITED, WOOLWORTHS LIMITED – ASX WOW

PM bid to block super union

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Original article by Simon Benson
The Australian – Page: 1 & 4 : 11-Aug-17

The Fair Work Commission is expected to issue a ruling on the proposed merger between the Construction, Forestry, Mining & Energy Union and the Maritime Union of Australia by the end of 2107. However, the Federal Government hopes to block the merger by seeking an amendment to the Fair Work (Registered Organisations Act) that would require the FWC to subject union mergers to a public-interest test. The CFMEU has criticised the move, but representatives of the mining and resources sector have lobbied the Government to block the merger.

CORPORATES
CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, MARITIME UNION OF AUSTRALIA, AUSTRALIA. FAIR WORK COMMISSION, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF EMPLOYMENT, AUSTRALIAN MINES AND METALS ASSOCIATION (INCORPORATED), AUSTRALIAN LABOR PARTY, NICK XENOPHON TEAM, TEXTILE, CLOTHING AND FOOTWEAR UNION OF AUSTRALIA, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES

Sims slams easy route to growth

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Original article by James Thomson
The Australian Financial Review – Page: 1 & 2 : 9-Jan-17

Australian Competition & Consumer Commission chairman Rod Sims argues that more local companies should be pursuing international growth rather than merely acquiring their domestic rivals. He adds that while many companies support the idea of becoming a "national champion", this has resulted in some companies dominating the domestic market rather than expanding globally. Sims has also raised the possibility of changing the criteria for approving mergers by requiring a company to prove why the deal should be allowed to proceed.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TABCORP HOLDINGS LIMITED – ASX TAH, TATTS GROUP LIMITED – ASX TTS, BP AUSTRALIA LIMITED, WOOLWORTHS LIMITED – ASX WOW, SYDNEY AIRPORT – ASX SYD, BUSINESS COUNCIL OF AUSTRALIA, TELSTRA CORPORATION LIMITED – ASX TLS, SINGTEL OPTUS PTY LTD, TPG TELECOM LIMITED – ASX TPM, VOCUS COMMUNICATIONS LIMITED – ASX VOC

Asciano to delist after FIRB clears $9b takeover

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 21 : 28-Jul-16

The $A9.05 billion takeover of Asciano by a Qube Holdings-led consortium is expected to be approved by the Supreme Court of New South Wales on 28 July 2016. It has already received approval from the Australian Competition & Consumer Commission and the Foreign Investment Review Board. The deal involves Qube and Brookfield Infrastructure Partners taking over Asciano’s Patrick container ports, while five international pension funds will assume the ownership of the Pacific National rail freight business.

CORPORATES
ASCIANO LIMITED – ASX AIO, QUBE HOLDINGS LIMITED – ASX QUB, BROOKFIELD INFRASTRUCTURE PARTNERS LP, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, SUPREME COURT OF NEW SOUTH WALES, AUSTRALIAN CONTAINER FREIGHT SERVICES PTY LTD, DP WORLD AUSTRALIA PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, MONADELPHOUS GROUP LIMITED – ASX MND, MUHIBBAH ENGINEERING BHD, PACIFIC NATIONAL PTY LTD, PATRICK CORPORATION LIMITED

Hardware merger is ‘the better of two evils’

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Original article by Sue Mitchell
The Australian Financial Review – Page: 13 & 18 : 17-May-16

Mitre 10 boasts a three per cent share of Australia’s hardware market, but this would rise to five per cent if it acquired Woolworths-owned Danks. Hardware retailer John Dahlsen believes that the Australian Competition & Consumer Commission should approve any merger between the two groups. He argues that an enlarged Mitre 10 could reduce its wholesale costs, which could in turn make the independent hardware retailers that it supplies more competitive against Bunnings.

CORPORATES
MITRE 10 LIMITED, DANKS HOLDINGS LIMITED, WOOLWORTHS LIMITED – ASX WOW, BUNNINGS GROUP LIMITED, METCASH LIMITED – ASX MTS, JC DAHLSEN PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, LOWE’S COMPANIES INCORPORATED, MASTERS HOME IMPROVEMENT AUSTRALIA PTY LTD, NATBUILD PTY LTD, DEUTSCHE BANK AG, HOME TIMBER AND HARDWARE, THRIFTY-LINK HARDWARE PTY LTD, TRUE VALUE HARDWARE LIMITED

Brookfield ruling could go ‘either way’

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 54 : 23-Dec-15

The Australian Competition & Consumer Commission (ACCC) will make a final decision on Brookfield Infrastructure Partners’ takeover bid for Asciano on 18 February 2016. Brookfield has indicated that it is prepared to sell the intermodal freight operations of Asciano-owned Pacific National to secure approval for its $A9bn bid. The deadline for submissions to the ACCC on Brookfield’s latest proposal is 22 January.

CORPORATES
ASCIANO LIMITED – ASX AIO, BROOKFIELD INFRASTRUCTURE PARTNERS LP, PACIFIC NATIONAL PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, DALRYMPLE BAY COAL TERMINAL PTY LTD, QUBE HOLDINGS LIMITED – ASX QUB, CANADA PENSION PLAN INVESTMENT BOARD, GLOBAL INFRASTRUCTURE PARTNERS