Tabcorp, Tatts clear major hurdle and inch closer to merger
The ACT previously gave thumbs up to the merger, but the Australian Competition and Consumer Commission (ACCC) voiced concerns regarding the level of competition in the country should the merger go through and in July applied to the Federal Court for a “justice review” of the decision.
In September, the Court ruled that the matter should be returned to the ACT for further examination, and the regulatory body has now ruled the merger can go through, on the condition that Tabcorp sells its Odyssey Gaming business.
ABC released a statement from Justice Middleton which said “the proposed merger is likely to result in substantial public benefits” and that “the detriments identified by the ACCC and the interveners are unlikely to either arise or are not otherwise material”.
“The tribunal is satisfied in all the circumstances that the proposed merger would result, or would be likely to result, in such a benefit to the public that the acquisition should be allowed to occur,” the statement read.
The ACT is slated to publish the reasons behind its decision on November 22.
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