ACCC gives red light for TPG, Vodafone merger in Australia

The ACCC has decided to oppose the proposed merger between TPG and Vodafone Hutchison Australia, accidentally releasing the information a day early.

TPG Vodafone logo

Source: New Daily

TPG Telecom shares have crashed along with those of Vodafone's local joint venture partner after the competition watchdog blocked the communications giants' $15 billion mergers.

The Australian Competition and Consumer Commission was due to announce its decision on Thursday but inadvertently published the information on its mergers register briefly on Wednesday afternoon.

Shares in TPG closed 98 cents, or 14 per cent, lower at $6.04, while those in Hutchison Telecommunications - Vodafone's local partner - dropped as much as 37.5 per cent before closing down 28 per cent at 1.5 cents. 

The ACCC did not immediately give the full reasoning for its decision but said it would publish more information shortly.

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By SBS Nepali
Source: SBS

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