{"id":115748,"date":"2025-10-07T13:18:37","date_gmt":"2025-10-07T13:18:37","guid":{"rendered":"https:\/\/my.legal500.com\/guides\/?post_type=comparative_guide&#038;p=115748"},"modified":"2025-10-07T13:47:46","modified_gmt":"2025-10-07T13:47:46","slug":"australia-merger-control","status":"publish","type":"comparative_guide","link":"https:\/\/my.legal500.com\/guides\/chapter\/australia-merger-control\/","title":{"rendered":"Australia: Merger Control"},"content":{"rendered":"","protected":false},"template":"","class_list":["post-115748","comparative_guide","type-comparative_guide","status-publish","hentry","guides-merger-control","jurisdictions-australia"],"acf":[],"appp":{"post_list":{"below_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">White &amp; Case<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2018\/11\/White_Case_logo_RGB-2.jpg\"\/><\/span><\/div>"},"post_detail":{"above_title":"<div class=\"guide-author-details\"><span class=\"guide-author\">White &amp; Case<\/span><span class=\"guide-author-logo\"><img src=\"https:\/\/my.legal500.com\/guides\/wp-content\/uploads\/sites\/1\/2018\/11\/White_Case_logo_RGB-2.jpg\"\/><\/span><\/div>","below_title":"<span class=\"guide-intro\">This country specific Q&amp;A provides an overview of Merger Control laws and regulations applicable in Australia<\/span><div class=\"guide-content\"><div class=\"filter\">\r\n\r\n\t\t\t\t<input type=\"text\" placeholder=\"Search questions and answers...\" class=\"filter-container__search-field\">\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\r\n\r\n\r\n\t\t\t<ol class=\"custom-counter\">\r\n\r\n\t\t\t\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Overview<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The Australian merger control regime is administered \u00a0by the Australian Competition and Consumer Commission (<strong>ACCC<\/strong>) under the <em>Competition and Consumer Act 2010<\/em> (Cth) (<strong>CCA<\/strong>). On 1 July 2025 the CCA was amended by the <em>Treasury Laws Amendment (Mergers and Acquisitions Reform) Act 2024<\/em> (Cth) and from 1 January 2026 the regime will operate as a mandatory and suspensory regime. Prior to this it operated as a voluntary regime.<\/p>\n<p>Under the new mandatory regime acquisitions which require notification are prohibited from completing until the ACCC grants approval and the relevant wait period has passed. Acquisitions which complete without clearance are automatically void and may attract penalties.<\/p>\n<p>In order to trigger a filing the proposed acquisition must involve the acquisition of control over a target that is carrying on a business in Australia.<\/p>\n<p>Revenue thresholds require consideration of the Acquirer and the Target\u2019s revenue, as well as their \u2018connected entities.\u2019 Seller revenue is not included in the revenue calculations.<\/p>\n<p>Where a proposed transaction is not approved, or approved subject to conditions, the applicant may seek a further review by the ACCC on the basis of a public benefits test.<\/p>\n<p>There are avenues for both the merger parties and third parties to seek a review of a determination by the ACCC by way of proceedings before the Australian Competition Tribunal or in limited circumstances judicial review by the Federal Court of Australia.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is notification compulsory or voluntary?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Notification is currently voluntary and based on assessment of market share. Under the new mandatory regime any proposed acquisition which completes on or after 1 January 2026 and meets certain monetary thresholds will require notification and approval before completion.<\/p>\n<p>In addition, certain types of acquisitions may be designated as requiring notification irrespective of whether the filing thresholds are met. So far, acquisitions involving major supermarkets or land on which a major supermarket will operate have been designated.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a prohibition on completion or closing prior to clearance by the relevant authority? Are there possibilities for derogation or carve out?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Acquisitions which meet the filing requirements must be approved by the ACCC either unconditionally or subject to conditions prior to completion.<\/p>\n<p>The question of whether a carve out or derogation is available has not yet been considered under the new regime. However, if an acquisition can be structured such that it does not include a target carrying on a business in Australia, then it would not trigger the merger regime in Australia.<\/p>\n<p>A waiver of the filing obligation may be applied for and granted by the ACCC from 1 January 2026 where the acquisition may meet mandatory thresholds but where there is no competitive risk raised by the transaction or no market overlaps between the parties.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What types of transaction are notifiable or reviewable and what is the test for control?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><u>Notifiable transactions<\/u><\/p>\n<p>The new mandatory merger control regime applies to the acquisition of shares in a body corporate or corporation, the acquisition of assets of a person or corporation, the acquisition of units in a unit trust, as well as the acquisition of an interest in a managed investment scheme.<\/p>\n<p>The meaning of assets is very broad and includes property, legal or other equitable rights (that are not property), legal or equitable interests in tangible assets, such as options for land and intangible assets, such as intellectual property rights or contractual rights such as leases, interests in goodwill, interests in a partnership or interests in an asset of a partnership.<\/p>\n<p>An acquisition must be notified if:<\/p>\n<p>(1) the target carries on a business in Australia; and<\/p>\n<p>(2) the transaction results in the acquisition of \u201ccontrol\u201d; and<\/p>\n<p>(3) the monetary thresholds are met; and<\/p>\n<p>(4) no exemptions apply.<\/p>\n<p><u>Control<\/u><\/p>\n<p>Acquisitions that do not result in control or a change in control are not required to be notified. \u2018Control\u2019 generally means the capacity to determine the outcome of decisions about the target&#8217;s financial and operating policies and can be held solely or jointly. See Question 5 below.<\/p>\n<p>Intragroup transactions where there is no change of control over the target are not notifiable.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">In which circumstances is an acquisition of a minority interest notifiable or reviewable?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>An acquisition of a minority interest may be notifiable if it amounts to an acquisition of control. The new mandatory merger regime incorporates the definition of control under section 50AA of the <em>Corporations Act 2001 (Cth) <\/em>(<strong>\u2018Corporations Act<\/strong>\u2019) with some modifications. Control under section 50AA is defined as the capacity to determine the outcome of decisions about an entity\u2019s financial and operating policies having regard to the practical influence that can be exerted (rather than the legal rights) and any practice or pattern of behaviour affecting the second entity\u2019s financial or operating policies (even if it involves a breach of an agreement or a breach of trust).<\/p>\n<p>Relevantly, the section 50AA definition of control has been modified to specify that control exists where there is joint control with one or more associates, within the meaning of Chapter 6 of the Corporations Act.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the jurisdictional thresholds (turnover, assets, market share and\/or local presence)? Are there different thresholds that apply to particular sectors?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Under the new mandatory regime an acquisition must be notified where:<\/p>\n<ol style=\"padding-left: 0\">\n<li>the combined Australian revenue of the merger parties is at least A$ 200 million (approx. US$132.28 \/ \u20ac112.3) (combined revenue test); and either:\n<ol style=\"padding-left: 0\" type=\"a\">\n<li>the Australian revenue of the acquired shares and assets of the Target and its connected entities within the transaction perimeter is at least A$ 50 million (approx. US$33.07 million \/ \u20ac26.08 million); or<\/li>\n<li>the market values of the shares and assets being acquired or the consideration receivable for the transaction is at least $A 250 million (US$165.35 million \/ \u20ac140.38 million) (global transaction value);<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p>OR<\/p>\n<ol style=\"padding-left: 0\" start=\"2\">\n<li>the Australian revenue of the Acquirer and its connected entities is at least A$ 500 million (large corporate entity test); and<\/li>\n<li>the Australian revenue of the Target and its connected entities within the transaction perimeter is at least A$ 10 million (US$6.61 million \/ \u20ac5.62 million);<\/li>\n<\/ol>\n<p>OR<\/p>\n<ol style=\"padding-left: 0\" start=\"4\">\n<li>the acquisition meets the combined revenue test; and<\/li>\n<li>the Australian revenue of the Target and its connected entities aggregated with Australian revenue of targets acquired by the acquirer or its connected entities in the last 3 years involving substitutable goods or services (irrespective of geographic location) is at least A$50 million (approx. US$33.07 million \/ \u20ac28.08 million); (Tier 1 accumulated acquired shares or assets revenue test).<\/li>\n<\/ol>\n<p>OR<\/p>\n<ol style=\"padding-left: 0\" start=\"6\">\n<li>the acquisition meets the very large corporate group test; and<\/li>\n<li>Australian revenue of the Target and its connected entities aggregated with Australian revenue from targets acquired by the acquirer or its connected entities in the previous three years involving substitutable goods or services (irrespective of geographic location) is at least A$10 million; (Tier 1 accumulated acquired shares or assets revenue test).<\/li>\n<\/ol>\n<p>When determining the Tier 1 or Tier 2 accumulated acquires shares or assets revenue tests, disregard the acquisition of a previous share or asset where that acquisition was notified, where that acquisition was not connected with Australia or where the revenue attributable to the previous share or asset was less than A$2 million.<\/p>\n<p>This is a single trigger jurisdiction and the thresholds can be satisfied only by the turnover of the Target. The transaction needs to be connected to Australia (for example the revenue of the parties in, or into Australia must meet the turnover thresholds).<\/p>\n<p>Where the filing thresholds are not met, the ACCC may investigate a proposed or completed acquisition on the basis that it may substantially lessen competition in breach of section 50 of the CCA.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How are turnover, assets and\/or market shares valued or determined for the purposes of jurisdictional thresholds?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Turnover is assessed on the basis of the Australian revenue for the acquirer (and its connected entities) and the target for the last financial year prior to the contract date of the proposed transaction. Australian revenue is so much of an entity\u2019s gross revenue, determined in accordance with accounting standards that is attributable to transaction or assets within Australia, or transactions into Australia. This does not need to be audited turnover. Where the turnover of an asset cannot be readily assessed, then turnover must include a calculation of 20% of the market value of that asset.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a particular exchange rate required to be used for to convert turnover thresholds and asset values?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><ul style=\"padding-left: 0\">\n<li>If an amount is derived from a financial report that has been prepared by an entity in accordance with accounting standards and audited in accordance with the <em>Corporations Act 2001<\/em> (or a corresponding and equivalent law of a foreign country)\u2014using the exchange rates that were used in that financial report and as used in that report.<\/li>\n<li>in all other circumstances\u2014using an average exchange rate for the period most closely corresponding to the period to which the amount relates, and either:\n<ol style=\"padding-left: 5\" type=\"i\">\n<li>the exchange rates published by the <a href=\"https:\/\/www.rba.gov.au\/statistics\/frequency\/exchange-rates.html\">Reserve Bank of Australia<\/a>; or<\/li>\n<li>if the amount is in a currency for which the Reserve Bank of Australia does not publish an exchange rate\u2014a publicly and commercially available market exchange rate.<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">In which circumstances are joint ventures notifiable or reviewable (both new joint ventures and acquisitions of joint control over an existing business)?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>JVs are notifiable, to the extent the acquisition would fall under the relevant provisions of the CCA described above. The regime does not distinguish between full-function and non-full function joint ventures.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any circumstances in which different stages of the same, overall transaction are separately notifiable or reviewable?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>N\/A<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">How do the thresholds apply to \u201cforeign-to-foreign\u201d mergers and transactions involving a target \/ joint venture with no nexus to the jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Foreign-to-foreign mergers are caught if the Target is carrying on a business in Australia (for example if the target supplies goods or services to Australian customers, generates revenue in Australia or consists of assets located in Australia).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">For voluntary filing regimes (only), are there any factors not related to competition that might influence the decision as to whether or not notify?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>N\/A<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the substantive test applied by the relevant authority to assess whether or not to clear the merger, or to clear it subject to remedies?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p><span class=\"TextRun SCXW118596192 BCX8\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW118596192 BCX8\" data-ccp-parastyle=\"Body Text\">The substantive test is w<\/span><span class=\"NormalTextRun SCXW118596192 BCX8\" data-ccp-parastyle=\"Body Text\">hether the proposed acquisition has the effect, or <\/span><span class=\"NormalTextRun SCXW118596192 BCX8\" data-ccp-parastyle=\"Body Text\">likely effect<\/span><span class=\"NormalTextRun SCXW118596192 BCX8\" data-ccp-parastyle=\"Body Text\"> of <\/span><span class=\"NormalTextRun SCXW118596192 BCX8\" data-ccp-parastyle=\"Body Text\">substantially lessening<\/span><span class=\"NormalTextRun SCXW118596192 BCX8\" data-ccp-parastyle=\"Body Text\"> competition (including the effect of creating, <\/span><span class=\"NormalTextRun SCXW118596192 BCX8\" data-ccp-parastyle=\"Body Text\">strengthening<\/span><span class=\"NormalTextRun SCXW118596192 BCX8\" data-ccp-parastyle=\"Body Text\"> or entrenching a position of market power).\u00a0<\/span><\/span><span class=\"EOP SCXW118596192 BCX8\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559685&quot;:624,&quot;335559739&quot;:200,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are factors unrelated to competition relevant?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>N\/A<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are ancillary restraints covered by the authority\u2019s clearance decision?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Ancillary restraints may be covered by the ACCC\u2019s decision. Under Australian law ancillary restraints are lawful only where they are solely for the protection of the purchaser in respect of the goodwill of the business being acquired and therefore are protected by an exemption to the cartel provisions as set out section 51(2)(e) of the CCA. The ACCC may declare in a determination made in respect of an acquisition that the exemption contained in section 51(2)(e) of the CCA does not apply if the ACCC is satisfied that the ancillary restraint is not necessary for the protection of the purchaser in respect of the goodwill of the business.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">For mandatory filing regimes, is there a statutory deadline for notification of the transaction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>N\/A \u2013 notifications must be made and approval must be granted prior to completion.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the earliest time or stage in the transaction at which a notification can be made?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>A notification can be made when the parties to the proposed acquisition have entered into a contract, arrangement or understanding pursuant to which the acquisition is to take place, or if the contract, arrangement or understanding has not been entered into, at such time that all of the proposed parties intend to enter into it.<\/p>\n<p>The effect of this is that multiple competing bidders will be unable to file a notification in relation to the one transaction. However, the ACCC has indicated that it would be willing to engage in pre-notification with multiple bidders in order to expediate the overall review process.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is it usual practice to engage in pre-notification discussions with the authority? If so, how long do these typically take?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ACCC recommends that acquirers engage in confidential pre-notification discussions prior to formally lodging a notification. The ACCC has indicated that pre-notification should commence at least two weeks prior to the intended filing date however if the acquisition will raise competition concerns or are complex or may involve a remedy the ACCC encourages parties to commence prenotification discussions much earlier.<\/p>\n<p>The ACCC has indicated that, subject to the consent of the parties, it may commence early engagement with third parties during pre-notification to begin collecting relevant information to enable an efficient review.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What is the basic timetable for the authority\u2019s review?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The statutory timelines for review by the ACCC are:<\/p>\n<p>Phase 1 determination: Up to 30 business days after the effective notification date.<\/p>\n<p>Phase 2 determination: If the ACCC is satisfied that the acquisition could have the effect or be likely to have the effect of substantially lessening competition, a Phase 2 review will commence at the end of the Phase I period and end up to 90 business days after this date. In this context \u201ccould\u201d means where the ACCC has identified possible competition concerns which require further investigation.<\/p>\n<p>A business day does not include the period between 23 December and 10 January.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Under what circumstances may the basic timetable be extended, reset or frozen?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ACCC can extend the review period under certain conditions including:<\/p>\n<ol style=\"padding-left: 0\">\n<li>extending the Phase 1 or Phase 2 periods if there is a material change of fact impacting the notification;<\/li>\n<li>changing the notification date to the date that the ACCC becomes aware of a material change in facts;<\/li>\n<li>if the ACCC has not given a notice of competition concerns before the end of the 25th business day from the start of Phase 2 (by agreement with the notifying party); and<\/li>\n<li>if the notifying party seeks an extension of time to respond to a notice of competition concerns.<\/li>\n<\/ol>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any circumstances in which the review timetable can be shortened?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The earliest the ACCC can provide clearance for a proposed acquisition is 15 business days after the effective notification date of the notification (barring days excluded from the calendar).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which party is responsible for submitting the filing?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The \u2019principal party\u2019 which is generally the business acquiring the shares or assets, is responsible for submitting the filing. If there is more than one acquirer, the filing should be made jointly by all acquirers.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What information is required in the filing form?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Information to be provided includes:<\/p>\n<ol style=\"padding-left: 0\">\n<li>Overview of the parties<\/li>\n<li>Commercial rationale<\/li>\n<li>Revenue of the parties to the acquisition<\/li>\n<li>Information on prior acquisitions by the parties involving suppliers or acquirers of substitutable goods or services<\/li>\n<li>Contact details for customers and competitors.<\/li>\n<li>Information required for the competition assessment<\/li>\n<\/ol>\n<p>A short form can be utilised where there is some competitive overlaps between the parties but where the competition assessment is that there will be no significant horizontal or vertical overlaps which could have the effect, or likely effect, of substantially lessening competition. The ACCC has indicated that the long form should be used for a horizontal merger where the parties estimated combined market share post acquisition is equal to or greater than 40% and the increment is equal to or greater than 2% or the combined market share is between 20% and 40% and the incremental market share is equal to or greater than 5%. For a vertical acquisition the long form should be used where the market share of each of the upstream and downstream party is greater than 30%. For a conglomerate merger, the long form should be used where one of the parties has an estimated market share equal to or greater than 30% and the parties supply adjacent goods or services.<\/p>\n<p>The long form requests more detailed information including customer win \/ loss data, information in relation to tenders, how goods or services are priced, whether the relevant goods or services are differentiated, how the parties compete (e.g. price, quality, innovation).<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Which supporting documents, if any, must be filed with the authority?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Parties must provide final or most recent versions of transaction documents such as the sale and purchase agreement, heads of agreement, offer documents, and any other agreements between the parties related to the acquisition, including any supply or other ancillary agreements that are conditional on the acquisition.<\/p>\n<p>Parties must also provide the most recent financial audited reports (both acquirer and target) and organisational charts or diagrams that show the structure of the acquirer and target.<\/p>\n<p>No statutory documents (such as a PoA) are required but the form must be executed by an authorised person of the notifying party.<\/p>\n<p>Under the long form notification, parties must provide documents prepared by or for, or received by the Board or Board Committee or shareholders meeting of the party within the prior 2 years that describes the rationale for the acquisition, analysis the acquisition,\u00a0 analyse the valuation of the target or analyse the competitive conditions, market conditions, market shares, competitors or business plans of a party in relation to the goods or services the subject of the review.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a filing fee?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Filing fee<\/p>\n<p>Phase 1 Review: A$56,800<\/p>\n<p>Phase 2 Review:<\/p>\n<ol style=\"padding-left: 0\" type=\"a\">\n<li>For transaction value of \u2264 A$50M: A$475,000<\/li>\n<li>For transaction value between A$50M to A$1B: A$855,000<\/li>\n<li>For transaction value of &gt; A$1B: A$1,595,000<\/li>\n<\/ol>\n<p>Public Benefit Phase: A$401,000<\/p>\n<p>Waiver Application: A$8,300<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Is there a public announcement that a notification has been filed?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ACCC will publish the notification on its public register on its website. Some transactions can be notified confidentially, for example hostile takeover bids, but only for a limited time period.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does the authority seek or invite the views of third parties?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ACCC can seek or invite the views of third parties, either with the consent of the parties to the acquisition during pre-notification, or as part of its review of the proposed acquisition once it has been made public. This would typically only be done if the proposed transaction raises competition issues or if a third party has raised a concern with respect to the proposed acquisition. Generally this will include consultation with market participants including competitors and customers.<\/p>\n<p>As an indication, the notification forms require contact details to be provided of competitors, largest customers and customers closest to the median spend for each party.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What information may be published by the authority or made available to third parties?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ACCC will publish the following information in relation to the parties notification on its website:<\/p>\n<ul style=\"padding-left: 0\">\n<li>the name of each notifying party of, and the target to, the acquisition;<\/li>\n<li>a summary of the details of the acquisition;<\/li>\n<li>the class code and title for each overlapping product or service, by reference to ANZSIC;<\/li>\n<li>the effective notification date for the notification;<\/li>\n<li>the end of the determination period for the notification;<\/li>\n<li>if information or a document mentioned in paragraphs (a) to (h) has been withheld or removed under section 5-3\u2014a statement to the effect that information or a document has been withheld or removed under that section.<\/li>\n<\/ul>\n<p>Details will be published within 1 business day of the date of effective notification (unless filed confidentially).<\/p>\n<p>The ACCC will also publish its decisions in relation to the proposed acquisition and reasons for those decisions.<\/p>\n<p>Parties to the transaction can claim confidentiality over commercially sensitive information.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Does the authority cooperate with antitrust authorities in other jurisdictions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ACCC cooperates with antitrust authorities in other jurisdictions. The ACCC has entered into various memorandums of understanding or cooperation with antitrust authorities in other jurisdictions including New Zealand, United States, United Kingdom, Europe, Philippines, Taiwan, South Korea and Japan.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What kind of remedies are acceptable to the authority?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The ACCC has indicated that it generally has a strong preference for structural remedies, given they provide an enduring remedy with relatively low monitoring and compliance costs. The ACCC does not require an up-front buyer where there is a divestment requirement but it does require approval be obtained from the ACCC for the proposed purchaser.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What procedure applies in the event that remedies are required in order to secure clearance?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Remedies can be agreed or offered at any phase in the merger control process. Remedies can be market tested through the published Statements of Issues from the ACCC. No remedies in other jurisdictions will not necessary negate the requirement for a remedy in Australia.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the penalties for failure to notify, late notification and breaches of a prohibition on closing?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Acquisitions put into effect without receiving ACCC clearance are void at law. Court action can also be taken against a transaction that has not been notified. The ACCC may seek court orders including for interim or final injunctions restraining a merger or acquisition, for pecuniary penalties, orders requiring the divestiture of shares or assets acquired, or unwinding of the transaction.<\/p>\n<p>Maximum penalties for corporations for failing to notify a proposed acquisition are the higher of (a) $50 million ($USD 33 million \/ \u20ac28 million); (b) if the court can determine the value of the benefit obtained: three times the value of the benefit; or (c) if the court cannot determine the value of the benefit: 30% of the adjusted turnover during the breach turnover period. Maximum penalties for individuals for breach are $2,500,000 and orders against individuals may include disqualification as a director.<\/p>\n<p>Penalties are imposed on the party contravening the CCA. In practice, they would generally be imposed on the principal party, but commercial risks for, and sanctions on, sellers cannot be excluded where they can be knowingly concerned in a contravention.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the penalties for incomplete or misleading information in the notification or in response to the authority\u2019s questions?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Where a notification is materially misleading or information has been provided that is false, the ACCC may decide that the notification should be taken not to have been accepted or may extend the review timetable.<\/p>\n<p>Penalties apply if a person knowingly or recklessly gives information relating to an acquisition that is false or misleading in a material particular.<\/p>\n<p>Knowingly giving false or misleading information to the ACCC is a criminal offence.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Can the authority\u2019s decision be appealed to a court?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>Yes, a decision of the ACCC can be appealed to the Australian Competition Tribunal withing 14 days after the date the statement of the ACCC\u2019s reasons for making the determination is included on the acquisitions register. \u00a0Judicial review can also be sought in the Federal Court of Australia in limited circumstances, e.g. where there has been improper process or an error of law, within 28 days or such other period as the Court allows.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">What are the recent trends in the approach of the relevant authority to enforcement, procedure and substantive assessment?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>The shift to the new mandatory merger regime represents a major change to the merger approval process in Australia. In addition to the shift from a voluntary regime to a mandatory regime, the key features include:<\/p>\n<ul style=\"padding-left: 0\">\n<li>a shift from an enforcement model to an administrative model;<\/li>\n<li>increased transparency as all notifications and waiver applications will be published o the ACCC website, together with the ACCC\u2019s reasons for decision;<\/li>\n<li>a risk based approach with resources prioritised to acquisitions most likely to harm the community;<\/li>\n<li>enhanced use of economic analysis supported by data at each stage of a merger review;<\/li>\n<li>conduct of an economy wide competition analysis and reviews of past ACCC decisions.<\/li>\n<\/ul>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\t\t\t\t\t<li class=\"question-block filter-container__element\">\r\n\t\t\t\t\t\t<h3 class=\"filter-container__match-html\">Are there any future developments or planned reforms of the merger control regime in your jurisdiction?<\/h3>\r\n\t\t\t\t\t\t<button id=\"show-me\">+<\/button>\r\n\t\t\t\t\t\t<div class=\"question_answer filter-container__match-html\" style=\"display:none;\"><p>As Australia is transitioning to the new mandatory merger regime, there are no other planned reforms in Australia. The notification thresholds will be reviewed after 12 months and the mandatory regime will be reviewed after 3 years of operation.<\/p>\n<\/div>\r\n\r\n\r\n\t\t\t\t\t<\/li>\r\n\r\n\t\t\t\t\r\n<div class=\"word-count-hidden\" style=\"display:none;\">Estimated word count: <span class=\"word-count\">4326<\/span><\/div>\r\n\r\n\t\t\t<\/ol>\r\n\r\n<script type=\"text\/javascript\" src=\"\/wp-content\/themes\/twentyseventeen\/src\/jquery\/components\/filter-guides.js\" async><\/script><\/div>"}},"_links":{"self":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide\/115748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/comparative_guide"}],"about":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/types\/comparative_guide"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/guides\/wp-json\/wp\/v2\/media?parent=115748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}