Just when you think Australia’s consolidated industries have just about killed off domestic M&A, you get a deal like 185-year-old agricultural services bigwig Elders buying privately owned Delta Agribusiness.

From a high level, it’s a $475 million deal you would not expect to pass muster with a resurgent Australian Competition and Consumer Commission. It involves the clear No.2 player buying what was marketed to potential buyers as the No.3 player, with synergies equivalent to about one-quarter of the target’s annual earnings.