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ACCC knocks back merger a day early

Article image for ACCC knocks back merger a day early

The ACCC has knocked back a $15 billion merger between Vodafone Hutchison Australia and TPG Telecom.

Their final verdict came as a surprise as it was released a day early, by mistake, during ASX trading hours.

The reported reason for their decision was because the proposed merger would reduce competition.

ACCC chairman Rod Sims tells Ross Greenwood they have launched an investigation into the result being released early.

“It’s extremely embarrassing. It was a technical problem, not human error, as we understand at this stage.

He defends the ACCC decision to not approve the merger.

“Had this merger gone ahead you’d have had a market structure that was pretty well locked in.”

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