The Australian Competition and Consumer Commission (ACCC) on Sept. 23 ordered Insurance Australia Group Ltd. (ASX: IAG) not to proceed with its proposed acquisition of RAC Insurance (RACI), concluding after an in-depth Phase 2 assessment that the deal would substantially lessen competition in motor vehicle insurance and home and contents insurance in Western Australia.
IAG will lodge a public benefit application, the next step available under Australia’s merger regime, according to a statement from the Royal Automobile Club of Western Australia (RAC), which said it supports the move. The ACCC would then weigh whether the deal’s public benefits outweigh its
Subscribers need to be logged in to see rest of this article. Please Login to access. If you're not a subscriber, click here for information on our satisfaction guaranteed subscription options.
Leave a Reply
You must be logged in to post a comment.