Some merger deals to be removed from ACCC public register

The competition watchdog will no longer automatically notify the public of probes into completed deals.

ACCC chair Rod Sims. Picture: Zak Simmonds

The competition watchdog has changed its takeover clearance regime, ending the practice of automatically notifying the public of probes into completed deals, which will instead be investigated behind closed doors.

In a letter to practitioners on Monday, the Australian Competition and Consumer Commission said: “Reflecting the fact that completed transactions are not subject to the informal regime and that they may be the subject of ongoing enforcement investigation and possible litigation, they will no longer be placed on the ACCC mergers public register.

“In line with this new approach, tomorrow morning we intend to remove the current investigations of completed transactions from the mergers public register. This should not be interpreted as suggesting that these specific investigations have concluded,” it added.

This will include two high-profile matters, including the investigation started in February last year into the Qantas acquisition of 20 per cent of Alliance, and investigations this year into the Facebook’s purchase of Giphy.

The platform deals are being timed to coincide with offshore investigations and nothing has appeared on the Qantas deal since August last year when comments were due.

The ACCC noted in the letter: “We may still issue media releases in relation to the investigation of completed transactions where it is warranted on public interest grounds, in line with the ACCC Media Code of Conduct.”