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Share Price: 75.62

Bid: 75.58

Ask: 75.62

Change: 0.84 (1.12%)

Spread: 0.04 (0.053%)

Open: 74.90

High: 75.90

Low: 74.52

Prev. Close: 74.78

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Vodafone's A$15bn Australian merger blocked by regulator

Wed, 08th May 2019 13:38

(Sharecast News) - Vodafone's planned A$15bn merger of its struggling Australian business with fixed-line rival TPG Telecom has been blocked by the regulator, sending shares in both companies tumbling.The Australian Competition and Consumer Commission said the proposed deal would "reduce competition and contestability" in the market for fixed-line broadband services.It would also, the ACCC argued, "substantially lessen competition in the supply of mobile services because the proposed merger would preclude TPG entering as the fourth mobile network operator in Australia".Three network operators - Telstra, Optus and Vodafone Hutchison Australia - currently have over 87% of the mobile services market in Australia. Telstra, TPG and Optus have around 85% of the fixed broadband market, according to the ACCC.Rod Sims, chair of the ACCC, said: "TPG is the best prospect Australia has for a new mobile network operator to enter the market, and this is likely the last chance we have for stronger competition in the supply of mobile services."Wherever possible, market structures should be settled by the competitive process, not by a merger which results in a market structure that would be subject to little challenge in the future. This is particularly the case in concentrated sectors, such as mobile services in Australia."VHA, Vodafone's loss-making mobile phone venture with CK Hutchinson, has struggled to make significant inroads in Australia, and has a market share of around 19%. Both VHA and TPG will now launch legal action to challenge the ruling.VHA chief executive Iñaki Berroeta said: "VHA respects the ACCC process, but we believe the merge with TPG will bring very real benefits to consumers. We have therefore decided that VHA should, together with TPG, pursue approval of the merger through the Federal Court."The merger would create an entity that can compete more aggressively in this highly competitive market than either VHA or TPG could on their own. It is disappointing that the ACCC does not see it this way."TPG said it was disappointed with the ruling. "TPG remains of the firm belief that the proposed merger will result in greatly enhanced competitive dynamics in the Australian telecommunications industry, as well as superior choice and outcomes for consumers," said David Teoh, executive chairman.The regulator was forced to publish its ruling a day early, after information was erroneously published on its website. The botched announcement battered the shares, sending TPG down 13% and Hutchinson Telecommunications Australia, which holds CK Hutchison's stake in VHA, down 28%. In London, Vodafone's share price was flat at 140.06p as at 1415 BST.

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