ANZ appeals rejected $4.9b Suncorp deal
Explanatory notes on how ANZ's appeal of the ACCC's decision to knock back its Suncorp Bank purchase will work.
Banking giant ANZ has confirmed its plans to appeal the competition regulator's decision to kybosh its $4.9 billion bid for Suncorp Bank.
"Not only do we believe that ANZ’s acquisition of Suncorp Bank will create a combined bank which is better equipped to respond to competitive pressures to the benefit of Australian consumers, it will also deliver significant public benefits, particularly in Queensland," chief executive Shayne Elliott said in a statement.
The appeal will be heard by the independent Australian Competition Tribunal, a three-person panel led by Federal Court of Australia Judge Michael O'Bryan. The same tribunal recently upheld the ACCC's decision to block the Telstra - TPG network sharing deal.
Here's an outline of what ANZ should expect over the next few months in what can be a gruelling process, and a reminder of how exactly we got here.
