ACCC not to oppose merger between Suncorp Metway and Promina.

0 Comments | M2 Presswire, December, 2006

M2 PRESSWIRE-20 December 2006-ACCC: ACCC not to oppose merger between Suncorp Metway and Promina(C)1994-2006 M2 COMMUNICATIONS LTD RDATE:20122006 The Australian Competition and Consumer Commission will not intervene in the proposed acquisition of Promina Group Ltd by Suncorp Metway Limited, ACCC Chairman, Mr Graeme Samuel, said today.

"Market inquiries indicated that if the merged firm attempted to raise prices above competitive levels, existing competitors including small to medium sized players would be well placed to win customers from it. These existing competitors, and the threat of new entry, are likely to act as a strong competitive constraint on the merged firm. As a result, the ACCC does not consider that the acquisition will allow Suncorp to...