ANZ's $3.21 billion move on Suncorp set to proceed, as Australian court overturns ban on deal
By Ryan Cropp, Saloni Sinha and James Panichi ( February 19, 2024, 23:12 GMT | Insight) -- Australia and New Zealand Banking Group’s acquisition of regional competitor Suncorp Bank is set to proceed, with a specialized competition tribunal’s decision to overturn opposition to the deal providing the Australian antitrust regulator’s mergers campaign with a significant setback. In a ruling announced this morning, Australian Competition Tribunal Judge John Halley said that the Australian Competition & Consumer Commission hadn’t been justified in opposing the $3.21 billion deal over competition concerns in several markets. The ruling calls into question the regulator’s decision to focus on the controversial “Bendigo Bank” counterfactual, even though the Tribunal agreed that there were still “material barriers to entry” in the market for home loans in Australia.Australia and New Zealand Banking Group’s acquisition of regional competitor Suncorp Bank is set to proceed, with a specialized competition tribunal’s decision to overturn opposition to the deal providing the Australian antitrust regulator’s mergers campaign with a significant setback....
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