The ACCC has decided not to grant merger authorisation for ANZ Banking Group (ASX:ANZ) to acquire Suncorp Group's (ASX:SUN) banking arm. Under the statutory test, the ACCC must not grant authorisation unless it is satisfied in all the circumstances that the proposed acquisition would not be likely to substantially lessen competition, or that the likely public benefits would outweigh the likely public detriments. "We are not satisfied that the acquisition is not likely to substantially lessen competition in the supply of home loans nationally, small to medium enterprise banking in Queensland, and agribusiness banking in Queensland," ACCC Deputy Chair Mick Keogh said.

https://www.miragenews.com/accc-blocks-anzs-attempt-to-acquire-suncorp-bank-1059905/

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