ACCC left red-faced over early release of TPG-Vodafone decision

The competition regulator has launched a probe into the early release of its decision to block the Vodafone-TPG tie-up.

Australian Competition and Consumer Commission chairman Rod Sims. Picture: AAP

The Australian Competition and Consumer Commission has launched an investigation into the pre-emptive release of its final decision on the merger between Vodafone Australia and TPG Telecom.

ACCC boss Rod Sims told The Australian that the regulator had been left red-faced by the release of its decision while the market was still open.

The news sent TPG shares into a tailspin, with the telco ending the session on Wednesday 13.5 per cent weaker at $6.07.

“We are very embarrassed by what happened and have a full investigation underway.”

“To the best of our knowledge it was a process error.”

The ACCC, which was expected to formally announce its position on Thursday, inadvertently published its decision ahead of schedule before retracting it from its merger register 10 minutes after its initial publication. It subsequently released a full statement to the market.

The pre-emptive release came as a surprise to telcos and analysts, with Vodafone boss Inaki Berroeta saying it was a less than ideal way to release such sensitive material.

“I was very surprised by the way the news was delivered, it’s the sort of information that you would think needs to be managed really well.”