australia gambling giants merger approved after setback
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Australia gambling giants merger approved after setback

Arab Today, arab today

Arab Today, arab today Australia gambling giants merger approved after setback

Tatts Group has a betting shop network in the states of Queensland
Sydney - Arab Today

A merger between Australian gambling giants Tabcorp and Tatts is back on track after a tribunal on Friday approved the Aus$8.6 billion (US$6.5 billion) deal following a court-ordered review on competition concerns.

The decision by the Australian Competition Tribunal (ACT) revives the long-planned push by Tabcorp and Tatts -- first announced in October last year -- to forge closer ties to try to cut costs and pursue opportunities globally.

"The tribunal is satisfied in all the circumstances that the proposed merger would result, or would be likely to result, in such a benefit to the public that the acquisition should be allowed to occur," ACT said in a statement.

Tatts Group has a betting shop network in the states of Queensland, South Australia and Tasmania and also operates a lotteries business.

Tabcorp Holdings runs similar operations in Victoria and New South Wales, with a broadcasting and media arm built around Sky Racing. It also owns Odyssey Gaming, a Queensland gaming monitoring business.

The firms both compete in online gambling.

ACT said Tabcorp would be granted authorisation to acquire shares in Tatts, subject to the condition that it sells Odyssey Gaming.

It added that the "detriments identified" by Australia's competition watchdog, the ACCC, were "unlikely to either arise or are not otherwise material".

The Australian Competition and Consumer Commission (ACCC) had raised concerns about the impact on Queensland's gambling services.

The stance by the watchdog, viewed as more consumer-friendly, led Tabcorp to take the plan to ACT to sidestep the competition concerns.

The tribunal approved the merger in June. But the Federal Court set aside that decision and referred the merger back to the tribunal for further consideration.

ACCC chairman Rod Sims said Friday the watchdog pushed for the court review to "clarify the law" and make it clear "the tribunal was required to take in to account all competitive detriment that is likely to result from the proposed merger".

The tribunal is expected to publish its full decision on November 22.

Shares in Tabcorp and Tatts were in a trading halt Friday ahead of announcements by both Australian-listed firms.

Source:AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia gambling giants merger approved after setback australia gambling giants merger approved after setback

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

australia gambling giants merger approved after setback australia gambling giants merger approved after setback

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday