On 25 June 2014 the Australian Competition Tribunal (Tribunal) handed down its first direct authorisation decision, approving the AU$1.505 billion acquisition by AGL Energy Limited of the assets of Macquarie Generation (MacGen), a state-owned corporation (AGL-MacGen). The authorisation decision followed advice from the Australian Competition and Consumer Commission (ACCC) that it would oppose the proposed deal. The Tribunal disagreed with the ACCC’s assessment of the likely anti-competitive impact of the merger and also considered that there were public benefits associated with the proposal that justified allowing it to proceed. On 3 Sept 2014 AGL announced it completed the $1,505 million acquisition of MacGen assets from the NSW Government. Australia’s merger law and the role of the
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The Australian Competition Tribunal grants first direct merger authorisation (AGL Energy / Macquarie Generation)
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