Minority acquisitions in Australia: when do they trigger a merger review?

Key Points:

The ACCC's approach to minority acquisitions has evolved somewhat in recent years, and the assessment of the reportability and potential competitive effects of minority acquisitions is fact-specific.

When must you report an acquisition of minority shareholdings to the Australian Competition and Consumer Commission (ACCC)? It's a perennial question in Australia, and also a hot topic overseas, with the European Commission recently issuing a public consultation focusing on whether the scope of the EU Merger Regulation should be extended to allow reviews of acquisitions of non-controlling minority shareholdings. This consultation has generated heated debate, with many respondents opposed to an extension of the European Commission's powers.