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
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