Merger Clearance

Competition & Regulatory

Competition & Regulatory » Merger Clearance

Many businesses’ growth ambitions fall flat when confronted with the prospect of complex and challenging regulatory objections.

Rather than running the gauntlet, managers and bankers are increasingly turning to competition law advisers for robust and decisive advice about whether ACCC clearance is necessary, and to help structure complex transactions to address competition issues.

Securing clearances for complex transactions requires a deep understanding of industry dynamics, a sophisticated analysis and innovative thinking – all part of our demonstrated record in achieving successful outcomes.

Our Experience

BP’s acquisition of Reliance Petroleum

The retail petroleum sector in Australia has long been an industry of focus for the ACCC. Corrs acted for longstanding client BP in successfully obtaining unconditional ACCC clearance for its acquisition of Reliance Petroleum.

Reliance was Australia’s second-largest privately owned corporation and operated an extensive network of retail petrol stations, bulk fuel and lubricant depots and distribution infrastructure.

The acquisition was the first major retail petroleum acquisition in Australia since the ACCC’s 2009 opposition to another major retail consolidation.

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Johnson & Johnson’s acquisition of Pfizer’s global consumer healthcare business

Corrs acted for Johnson & Johnson in securing ACCC clearance for its US$16.6 billion acquisition of Pfizer’s global consumer healthcare business.

The acquired business included an extensive portfolio of leading brands such as LISTERINE®, NICORETTE® AND CODRAL®. The combination created the world’s premier consumer healthcare business. ACCC clearance was obtained in line with the global closing deadline after the negotiation of limited asset divestitures.

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Suncorp Metway’s $ 7.8 billion acquisition of Promina

In October 2006 Suncorp announced its intention to merge with Promina, to create the second largest domestic insurer in both Australia and New Zealand.

Corrs advised Suncorp in successfully obtaining ACCC clearance for the $7.8 billion acquisition of the insurance group, Promina Holdings. It was the second largest ever financial services transaction to be completed at the time.

The deal saw Suncorp acquire the AAMI, Australian Pensioners Insurance Agency and Vero brands and create a financial services company with assets around $63 billion. It also created an insurance heavyweight capable of competing with major competitor Insurance Australia Group (IAG) Ltd.

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Our Thinking

What do China’s MOFCOM’s recent merger clearance decisions mean for you?

Merger parties will be encouraged by MOFCOM’s willingness to use creative remedies to manage competition issues.

More

Our Experts

Eddie Scuderi.jpg

Eddie Scuderi

Partner Location Brisbane Profile
Mark McCowan.jpg

Mark McCowan

Partner Location Melbourne Profile

Our Experience

BP’s acquisition of Reliance Petroleum

The retail petroleum sector in Australia has long been an industry of focus for the ACCC. Corrs acted for longstanding client BP in successfully obtaining unconditional ACCC clearance for its acquisition of Reliance Petroleum.

Reliance was Australia’s second-largest privately owned corporation and operated an extensive network of retail petrol stations, bulk fuel and lubricant depots and distribution infrastructure.

The acquisition was the first major retail petroleum acquisition in Australia since the ACCC’s 2009 opposition to another major retail consolidation.

Johnson & Johnson’s acquisition of Pfizer’s global consumer healthcare business

Corrs acted for Johnson & Johnson in securing ACCC clearance for its US$16.6 billion acquisition of Pfizer’s global consumer healthcare business.

The acquired business included an extensive portfolio of leading brands such as LISTERINE®, NICORETTE® AND CODRAL®. The combination created the world’s premier consumer healthcare business. ACCC clearance was obtained in line with the global closing deadline after the negotiation of limited asset divestitures.

Suncorp Metway’s $ 7.8 billion acquisition of Promina

In October 2006 Suncorp announced its intention to merge with Promina, to create the second largest domestic insurer in both Australia and New Zealand.

Corrs advised Suncorp in successfully obtaining ACCC clearance for the $7.8 billion acquisition of the insurance group, Promina Holdings. It was the second largest ever financial services transaction to be completed at the time.

The deal saw Suncorp acquire the AAMI, Australian Pensioners Insurance Agency and Vero brands and create a financial services company with assets around $63 billion. It also created an insurance heavyweight capable of competing with major competitor Insurance Australia Group (IAG) Ltd.

Our Thinking

What do China’s MOFCOM’s recent merger clearance decisions mean for you?

Merger parties will be encouraged by MOFCOM’s willingness to use creative remedies to manage competition issues.

Our Experts

Eddie Scuderi.jpg

Eddie Scuderi

Partner Brisbane +61 7 3228 9319
Mark McCowan.jpg

Mark McCowan

Partner Melbourne +61 3 9672 3335