The Australian Competition and Consumer Commission will investigate the proposed acquisition of GIO by AMP, ACCC Chairman Professor Allan Fels, said today.
'However, the ACCC is conscious that, in the broad, the companies are not involved in overlapping activities,' he said.
'AMP is essentially a funds management, life insurance and superannuation company and GIO is essentially a general insurance and re-insurance company.
'There is, nevertheless, some overlap. For example, AMP is involved in some general insurance.
'However the general insurance area has a number of participants already.
'The ACCC expects to make a final decision within the next few weeks.'
'However, the ACCC is conscious that, in the broad, the companies are not involved in overlapping activities,' he said.
'AMP is essentially a funds management, life insurance and superannuation company and GIO is essentially a general insurance and re-insurance company.
'There is, nevertheless, some overlap. For example, AMP is involved in some general insurance.
'However the general insurance area has a number of participants already.
'The ACCC expects to make a final decision within the next few weeks.'