Businesses could be slapped with fees worth up to $100,000 and will be forced to notify the competition watchdog of proposed takeover deals, as the Albanese government pushes ahead with its overhaul of the nation’s mergers regime.
The Albanese government’s overhaul of mergers policy follows concerns that anti-competitive takeover deals are stifling innovation and cause price hikes .
Following a Treasury review, Treasurer Jim Chalmers will unveil an overhaul of Australia’s merger laws. Picture: NCA NewsWire / Martin Ollman Failure to notify of a merger or the provision of false or misleading information will result in substantial penalties for the business. Petstock’s creeping acquisition of small pet stores was unbeknown to the competition regulator. Photo: Supplied
Mergers will also be expedited and processed within 30 working days in the event where no competition concerns are raised by the ACCC, with the option of a ‘fast-track’ determination if no concerns are identified after 15 working days.
Competition Concerns Business Council Merger Laws Authorises Mergers Merger Regimetreasurer Styming Business Dynamism Oceania Gina Cass-Gottlieb Businesses Undertaking Mergers Pet Stores Acquisitions System Competition Watchdog Competition Regulator Mergers Regime Mergers Shake-Up Supplies Giant Anti-Competitive Takeover Deals Price Hikes Cause Price Hikes Australia And New Zealand Jim Chalmers Government Pushes Takeover Deals Merger Shake-Up Consumer Commission Market Concentration Mandatory Notification Scheme Business Face Supermarket Review European Union Merger Approval Regime Competition Policy Acquisitions Overhaul Australia Sydney
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