"The Australian Competition and Consumer Commission will not intervene in the proposed acquisition of the financial services businesses of Lend Lease Corporation Limited, including MLC Holdings Ltd, by the National Australia Bank", ACCC Chairman, Professor Allan Fels, announced today.
"The ACCC considered the effect of the transaction in broad product categories such as retail insurance products, retail investment and superannuation products, and wholesale funds management.
"The ACCC noted that its concentration thresholds, used as a measure of the extent to which the merged entity has the potential for unilateral or coordinated conduct post-merger, were not crossed in any of the product categories considered".
The ACCC noted that in many of these product categories, the NAB is a relatively small player. Hence the ACCC concluded that the transaction is unlikely to lead to a substantial lessening of competition.
"The ACCC considered the effect of the transaction in broad product categories such as retail insurance products, retail investment and superannuation products, and wholesale funds management.
"The ACCC noted that its concentration thresholds, used as a measure of the extent to which the merged entity has the potential for unilateral or coordinated conduct post-merger, were not crossed in any of the product categories considered".
The ACCC noted that in many of these product categories, the NAB is a relatively small player. Hence the ACCC concluded that the transaction is unlikely to lead to a substantial lessening of competition.