An overhaul of the country’s merger regime will make it harder for deals to go ahead in markets dominated by a handful of corporate giants , but could also be costly for smaller companies , experts say. The proposed reforms include requiring the country’s competition watchdog be notified of planned mergers and removing the Federal Court from the review process. Treasurer Jim Chalmers, ACCC chair Gina Cass-Gottlieb, and assistant minister Andrew Leigh announced the reforms on Wednesday.
The Treasurer said the proposed reforms would strengthen the economy and lift living standards. Gilbert + Tobin partner Simon Muys said the reforms would give the Australian Competition and Consumer Commission more power at a time when it was already blocking many deals. Former ACCC chair Rod Sims said the changes would give the watchdog greater power to block technology giants from buying out smaller rivals – an area of concern for the ACCC. A key change Sims pointed to was the addition of a new legal test, under which the regulator can oppose a merger if it “creates, strengthens, or entrenches substantial market power”
Source: News Formal (newsformal.com)
Australia Merger Regime Corporate Giants Smaller Companies Reforms Competition Watchdog Federal Court ACCC Economy Living Standards Power Technology Giants Rivals Legal Test Market Power
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