After 583 days, ANZ finally has its prize and will be allowed to buy Suncorp’s banking division. But sorting out the winners and losers isn’t as clear-cut as it seems.
And on the 583rd day, one of the longest-running M&A sagas in recent corporate history was finally resolved, with a victory for pragmatism over theory.
In ruling ANZ can buy Suncorp’s banking division for $4.9 billion, the Australian Competition Tribunal has dismissed the central argument from the Australian Competition and Consumer Commission (backed by Bendigo Bank) that the deal would increase the ability of the four major banks to co-ordinate the suppression of competition.
Loading...
James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
