ACCC stalls Suncorp bank takeover to consider wave of new information

A decision on the $4.9 billion ANZ takeover of Suncorp’s bank has been delayed again as the ACCC pleads for more time to deal with the “substantial new material”  on the deal.

Jul 24, 2023, updated Jul 24, 2023
The ACCC has killed off a Suncorp Bank merger with ANZ  (AAP Image/Dave Hunt)

The ACCC has killed off a Suncorp Bank merger with ANZ (AAP Image/Dave Hunt)

The regulator pointed out that ANZ provided information three days late that consisted of more than 50 pages, despite requests to keep below this amount, and included a new expert report.

The final decision has already been delayed once and an independent expert’s report.

“The ACCC has concerns about the limited time your client has given the ACCC to review and evaluate the substantial new material provided by ANZ before the 28th July statutory deadline,” the regulator said.

“It is important that the ACCC has the opportunity to meaningfully consider the new information provided by the ANZ and take it into account in its decision making.”

“As a consequence, the ACCC considers that an extension to the timeframe of two weeks is both necessary and appropriate, ” the regulator said in its requests from ANZ for more time.

ANZ has accepted the new deadline of August 4.

Suncorp said it still expected the deal to be completed this year and would continue to support the process.

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It maintained the deal was in the best interests of its customers, shareholders and employees and would deliver public benefits to Queensland and the broader Australian public.

If the deal went ahead, Suncorp would become a single business unit focused on insurance.

The deal was announced late last year and earlier this year the ACCC revealed it had concerns about the loss of competition from the takeover.


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