Treasurer Jim Chalmers’ introduction of draft merger law proposals to parliament on Thursday morning seemed to take inspiration from Daft Punk’s Harder, Better, Faster, Stronger — and who could blame him? It’s a classic.
In his speech, Chalmers promised a “faster, stronger, simpler, more targeted and more transparent” merger system.
As White & Case competition partner Stefanie Benson pointed out, "for many corporations, the reforms will simply add Australia to an already long list of countries requiring mandatory merger notification. For others, the reforms introduce a significant new regulatory process".
While competition lawyers have long accepted the inevitability of a mandatory notification regime in Australia, the thresholds, appeals process and logistics of transitioning to a new system have been causes for concern.
