Competition and Consumer Act 2010 (Cth)
Section 80AC
Injunctions to prevent mergers if authorisation granted on the basis of false or misleading information
The provision
If, on the application of the Commission, the Court is satisfied that:
(a) a person is proposing to acquire shares in the capital of a body corporate or assets of a person; and
(b) the person was granted a merger authorisation for the proposed acquisition on the basis of information that was false or misleading in a material particular; and
(c) that information was given by the person or a body corporate that was related to the person; and
(d) if that information had not been given, the authorisation would not have been granted; and
(e) apart from the authorisation, the acquisition would contravene section 50 if it occurred;
then the Court may grant an injunction in such terms as the Court determines to be appropriate.
Legislative history
Amended by Competition and Consumer Amendment (Competition Policy Reform) Act 2017
Section 80AC (heading)
Repeal the heading, substitute:
80AC Injunctions to prevent mergers if authorisation granted on the basis of false or misleading information
Subsection 80AC(1)
Omit “(1)”.
Paragraph 80AC(1)(b)
Omit “, under Division 3 of Part VII (mergers), a clearance or an authorisation”, substitute “a merger authorisation”.
Paragraphs 80AC(1)(d) and (e)
Omit “clearance or”.
Subsection 80AC(2)
Repeal the subsection (including the example).
Prior to repeal subsection (2) appeared as follows:
(2) However, the Court must not grant the injunction if:
(a) the person was granted both a clearance and an authorisation for the acquisition under Division 3 of Part VII; and
(b) the Court could not grant an injunction under this section in relation to both the clearance and the authorisation.
Example: If a clearance for an acquisition was granted by the Commission on the basis of false or misleading information, and an authorisation for the acquisition was granted by the Tribunal on the basis of true information, then the Court cannot grant an injunction under this section because it would not be able to grant the injunction in relation to the authorisation.
Commentary
Forthcoming
