Australia’s competition regulator said on Monday it had delayed its decision on ANZ Group Holdings’ proposed $4.9 billion ($3.30 billion) acquisition of Suncorp Bank by one week until August 4, and requested a further one-week extension.
The Australian Competition and Consumer Commission (ACCC) in a letter to ANZ on Thursday requested an extension until August 11, saying it needed more time to review reports and material longer than 50 pages.
“It is important that the ACCC is given the opportunity to meaningfully consider the new information provided by ANZ and factor it into its decision-making,” the regulator said.
“As a consequence, the ACCC considers that a two-week deadline extension is necessary and appropriate, and we are now seeking confirmation from ANZ that it agrees to such an extension.”
ANZ, the country’s fourth-largest bank, in its response on Friday agreed to an extension until August 4.
ANZ did not immediately respond to Reuters’ request for comment.
This is the second time the regulator has sought an extension of its decision after the original mid-June deadline was extended to the end of July.
($1 = 1.4865 Australian dollars)
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