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Australia: Regulator delays OfficeMax takeover decision

 |  July 10, 2017

The deal is subject to approval by the Australian Competition and Consumer Commission (ACCC).

The body has pushed back the announcement of its ruling, according to Stationery News. The ACCC requested further information on July 5 with the intention of announcing its ruling by July 20. However, it now said it will reveal a revised decision date in due course.

A request for confidential submissions from interested parties was made in May. The ACCC sought views from the industry on whether prices would increase and the extent of competition from other suppliers such as COS, Lyreco and Officeworks.

US-based Platinum bought out Staples’ Australia and New Zealand business earlier this year — which was approved by the ACCC in May — shortly after, it made a binding bid for OfficeMax.

The deal ended months of speculation after parent group Office Depot first announced its intention to sell at the end of last year, when a US $6.3 billion merger with Staples collapsed on antitrust grounds in the US

Full Content: Stationary News

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