MERGERS AND ACQUISITIONS – AUSTRALIA – REGULATION

Brookfield eyes Macquarie deal in Asciano fight

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Original article by Anthony Macdonald, Sarah Thompson
The Australian Financial Review – Page: 13 & 18 : 4-Dec-15

Brookfield Infrastructure Partners is said to be considering several options to gain regulatory approval for its $A9bn bid for ports and rail group Asciano. Macquarie Group has declined to comment on speculation that it could invest in Asciano in partnership with Brookfield, which it has been advising on the takeover bid. Brookfield is also believed to be looking at a structural separation of Asciano, whereby it would control the ports business but hold a minority stake in the Pacific National rail division.

CORPORATES
ASCIANO LIMITED – ASX AIO, BROOKFIELD INFRASTRUCTURE PARTNERS LP, MACQUARIE GROUP LIMITED – ASX MQG, PACIFIC NATIONAL PTY LTD, PATRICK CORPORATION LIMITED, QUBE HOLDINGS LIMITED – ASX QUB, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, CITIGROUP PTY LTD, GLOBAL INFRASTRUCTURE MANAGEMENT LLC, CANADA PENSION PLAN INVESTMENT BOARD, DEUTSCHE BANK AG, DALRYMPLE BAY COAL TERMINAL PTY LTD

Buyers turn to FIRB as ACCC clears Shell-BG

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 13 & 18 : 20-Nov-15

Manufacturing Australia chairman Mark Chellew hopes the Foreign Investment Review Board (FIRB) will consider whether Royal Dutch Shell’s $US70bn ($A98bn) takeover of BG Group is in the national interest. The deal requires FIRB approval following the Australian Competition & Consumer Commission’s decision to approve it without any conditions. Domestic gas users are concerned that the merger will result in offshore buyers gaining priority in Queensland LNG supply deals.

CORPORATES
ROYAL DUTCH SHELL PLC, BG GROUP PLC, MANUFACTURING AUSTRALIA LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ARROW ENERGY LIMITED, PETROCHINA COMPANY LIMITED, WOODSIDE PETROLEUM LIMITED – ASX WPL

Foxtel-Ten deal gets ACCC green light but watch this space

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Original article by Max Mason
The Australian Financial Review – Page: 13 & 18 : 23-Oct-15

The Australian Competition & Consumer Commission has approved an equity alliance between Ten Network and pay-TV group Foxtel. The competition regulator ruled that the deal is unlikely to result in a substantial lessening of competition. However, chairman Rod Sims says the ACCC could intervene if future transactions between the two groups raise competition concerns, such as making a joint bid for the rights to sports broadcasts. Sims has also questioned whether streaming of TV broadcasts has reduced the effectiveness of the "reach rule".

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FOX SPORTS AUSTRALIA PTY LTD, MULTI CHANNEL NETWORK PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, TELSTRA CORPORATION LIMITED – ASX TLS, ILLYRIA PTY LTD

Foxtel holding in Ten expected to pass muster with regulator

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Original article by Dominic White
The Australian Financial Review – Page: 21 : 14-Oct-15

Former Australian Communications & Media Authority (ACMA) executive Michaela Watson says the regulator is likely to approve the proposed equity alliance between Ten Network and Foxtel. She does not expect ACMA to rule that the deal contravenes cross-media ownership laws or would give businessman Lachlan Murdoch control of Ten. He has an 8.52 per cent stake in Ten and fully owns radio group Nova Entertainment, while he is also the co-chairman of Foxtel’s joint owner News Corporation.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY, NOVA ENTERTAINMENT PTY LTD, NEWS CORPORATION – ASX NWS, ILLYRIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM

ACCC alarmed by Foxtel plan for Ten

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Original article by Max Mason
The Australian Financial Review – Page: 16 : 15-Sep-15

The Australian Competition & Consumer Commission (ACCC) will decide the fate of the proposed Ten Network-Foxtel equity alliance on 22 October 2015. The ACCC has raised a number of concerns about the deal in a statement of issues. They include the potential for Ten and Foxtel to dominate bidding for sports broadcasting rights and the impact of the alliance on the television advertising market, as Ten’s advertising sales team would be merged with Foxtel’s MCN. The role of 8.5 per cent Ten shareholder and News Corp executive Lachlan Murdoch is also a concern for the ACCC.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, MULTI CHANNEL NETWORK PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, FOX SPORTS, TELSTRA CORPORATION LIMITED – ASX TLS, SEVEN NETWORK LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE NETWORK AUSTRALIA LIMITED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, CONSOLIDATED MEDIA HOLDINGS LIMITED, PRESTO ENTERTAINMENT PTY LTD, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

New TV rights put to ACCC

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Original article by Dominic White
The Australian Financial Review – Page: 29 : 31-Aug-15

The Australian Competition & Consumer Commission (ACCC) is scrutinising Foxtel’s proposed acquisition of 15 per cent of Ten Network. Fairfax Media raised concerns that the acquisition would reduce competition in the sports rights market. Nine Entertainment raised similar objections. The ACCC is due to make a decision on the deal by 10 September 2015.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FOXTEL MANAGEMENT PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, FAIRFAX MEDIA LIMITED – ASX FXJ, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, SEVEN WEST MEDIA LIMITED – ASX SWM, MULTI CHANNEL NETWORK PTY LTD, KFC

Metcash in alleged stall on SupaBarn deal

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Original article by Sue Mitchell
The Australian Financial Review – Page: 13 & 18 : 31-Jul-15

The Australian Competition & Consumer Commission will decide in September 2015 whether to approve Coles Group’s deal to buy SupaBarn. The deal would give Coles an additional nine supermarkets in the Australian Capital Territory and Sydney, although it has existing stores in close proximity to each SupaBarn outlet. Metcash has raised concerns with the ACCC about the proposed deal’s effect on competition, but the grocery wholesaler rejects suggestions that it has organised a supplier campaign against the deal.

CORPORATES
COLES GROUP LIMITED, COLES SUPERMARKETS AUSTRALIA PTY LTD, SUPABARN SUPERMARKETS PTY LTD, METCASH LIMITED – ASX MTS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, INDEPENDENT GROCERS OF AUSTRALIA, MASTER GROCERS’ AUSTRALIA PTY LTD, WOOLWORTHS LIMITED – ASX WOW

Murdochs on notice over Foxtel grab for Ten Network

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Original article by Dominic White
The Australian Financial Review – Page: 1 & 29 : 27-Jul-15

The Australian Competition & Consumer Commission (ACCC) will consider Foxtel’s equity alliance with the Ten Network in the context of the Murdoch family’s broader media holding, according to chairman Rod Sims. Foxtel proposes to acquire a 15 per cent stake in Ten, but the ACCC will take into account the fact that News Corp has a 50 per cent stake in Foxtel and News Corp executive Lachlan Murdoch has an 8.5 per cent stake in Ten. The effect on competition in bidding for sports broadcasting rights is likely to be a key consideration for the ACCC.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, ILLYRIA PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, MULTI CHANNEL NETWORK PTY LTD, NOVA ENTERTAINMENT PTY LTD, SEVEN GROUP HOLDINGS LIMITED – ASX SVW, FOX SPORTS AUSTRALIA PTY LTD, CONSOLIDATED MEDIA HOLDINGS LIMITED, NINE NETWORK AUSTRALIA LIMITED, NETFLIX INCORPORATED, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FAIRFAX MEDIA LIMITED – ASX FXJ, SEVEN WEST MEDIA LIMITED – ASX SWM, PRESTO ENTERTAINMENT PTY LTD, SPECIAL BROADCASTING SERVICE (SBS), AUSTRALIAN BROADCASTING CORPORATION, AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

Turnbull swings back at Murdoch

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Original article by Dominic White, Jared Lynch
The Australian Financial Review – Page: 1 & 6 : 17-Mar-15

Communications Minister Malcolm Turnbull insists that Australians have the right to watch major sporting events on free-to-air TV. His declaration, made on 16 March 2015, was not well received by media magnate Rupert Murdoch, who wrote on Twitter that Turnbull was motivated by the desire to protect the interests of his "buddies" at Nine Entertainment Company. Turnbull’s most important recommendation is the abolition of the "reach rule", which prevents metropolitan TV broadcasters from merging with regional TV stations

CORPORATES
AUSTRALIA. DEPT OF COMMUNICATIONS, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, NEWS CORPORATION – ASX NWS, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, AUSTRALIAN FOOTBALL LEAGUE, FOXTEL MANAGEMENT PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, TWITTER INCORPORATED, GOOGLE INCORPORATED, FACEBOOK INCORPORATED, FAIRFAX MEDIA LIMITED – ASX FXJ, FREE TV AUSTRALIA LIMITED, MINTER ELLISON, SEVEN WEST MEDIA LIMITED – ASX SWM

ACCC to monitor Ten takeover bid

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Original article by Darren Davidson
The Australian – Page: 25 : 8-Dec-14

Australian Competition & Consumer Commission (ACCC) chair Rod Sims has foreshadowed official confirmation that it will watch the takeover negotiations for Ten Network. A joint bid valued at $A590m for the free-to-air TV group has been prepared by pay TV provider Foxtel and US-based Discovery Communications. There are possible regulatory concerns due to the involvement of Foxtel, which in 2012 gained permission for its merger with rival Austar only after the ACCC noted the emergence of internet streaming TV services

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, FOXTEL MANAGEMENT PTY LTD, DISCOVERY COMMUNICATIONS, AUSTAR UNITED COMMUNICATIONS LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, CITIGROUP PTY LTD, NETFLIX INCORPORATED, CONSOLIDATED MEDIA HOLDINGS LIMITED, NEWS CORPORATION – ASX NWS, SILVER EAGLE ACQUISITION CORPORATION, SABAN CAPITAL GROUP INCORPORATED, ANCHORAGE CAPITAL PARTNERS PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, DEUTSCHE BANK AG