James Packer’s CrownBet has again reiterated its stance against the AUS $11 billion merger of Tabcorp Holdings and Tatts Group Plc, by filing a judiciary appeal against the deal’s progress.
CrownBet joins the Australian Competition & Consumer Commission (ACCC) in demanding a new competition review of Tabcorp-Tatts, stating that review body Australian Competition Tribunal (ACT) had acted in an ‘inconsistent’ manner.
Issuing a corporate statement CrownBet governance detailed “CrownBet maintains that the proposed merger is bad for punters and competition. We have taken this step to ensure the detriments arising from the merger are properly considered.”
In accord with the ACCC position, CrownBet believes that ACT had failed in its competition review of the Tabcorp-Tatts combination, stating that the body had been negligent with regards to future market impacts and its effects on consumer prices.
As deal leader Tabcorp governance will head to the Australian Federal Court tomorrow presenting its case against the ACCC. The ASX company has detailed to investors that it is committed to the ACT decision and will continue with the merger.
Australian business news sources have this week pointed out that the controversial Tabcorp-Tatts merger has taken political turn, with the combination a clash between policy bodies the ACCC and ACT.
The final judgement on Tabcorp-Tatts by the Federal judiciary may clarify which body holds the best determination on Australian ‘consumer benefits’ and ‘market competition’.
Source: SBC News
