ACCC will not appeal TPG (ASX:TPM)-Vodafone merger
The Australian Competition and Consumer Commission will not appeal the Federal Court’s recent decision that the proposed merger between TPG Telecom (ASX:TPM) and Vodafone Hutchison Australia (ASX:HTA) would not substantially lessen competition.
The ACCC has concluded that it does not have grounds for appeal, which would require the ACCC to establish an error of law by the judge.
ACCC Chair Rod Sims: “The ACCC remains disappointed by this outcome, which has closed the door on what we consider was a once in a generation chance for increased competition in the highly concentrated mobile telecommunications market”.
Shares in TPG Telecom (ASX:TPM) are trading 9.3 per cent higher at $8.23.
Copyright 2020 – Finance News Network
Source: Finance News Network
