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Port of Geelong acquisition unravels over Australian regulator's common-ownership concerns

( August 26, 2022, 06:08 GMT | Official Statement) -- MLex Summary: An Australian investment consortium's plans to acquire the Port of Geelong in the southeastern state of Victoria has been abandoned, following preliminary concerns about common ownership with another port in the state. In a statement published today, the Australian Competition & Consumer Commission said it had advised the consortium that it would need more time to investigate the deal. The consortium comprised Australian pension funds Spirit Superannuation and Commonwealth Superannuation Corporation, along with the Diversified Infrastructure Fund, managed by Palisade Investment Partners. “We were concerned the common fund management and ownership interests … would reduce competition for customers … over the medium to long term,” ACCC Chair Gina Cass-Gottlieb said.The full statement from the Australian Competition & Consumer Commission follows:...

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