ACCC to oppose Santos' proposed acquisition of QGC.

0 Comments | M2 Presswire, February, 2007

M2 PRESSWIRE-20 February 2007-ACCC: ACCC to oppose Santos' proposed acquisition of QGC(C)1994-2007 M2 COMMUNICATIONS LTD RDATE:20022007 The Australian Competition and Consumer Commission will oppose Santos' proposed acquisition of QGC, ACCC Chairman, Mr Graeme Samuel, said today. Having withdrawn a previous proposal to acquire QGC that it had put before the ACCC, Santos approached the ACCC on 30 January 2007 with a revised proposal that included undertakings which it submitted would preserve the competitive structure of the wholesale gas supply industry in southern Queensland.

Further amendments to this proposal were made on 7 February 2007. "After comprehensive investigation and conducting inquiries with industry participants, the ACCC has formed the...