Mergers and Acquistions News
Categories: Telecoms
May 19th 2009, 16:39PM
Mobile telecoms giant Hutchison Telecommunications Australia (HTA) says it is confident that its merger with Vodafone Australia will go ahead.
HTA, which owns the 3 brand, has put forward a 50/50 merger offer to Vodafone Australia with the intention of forming Vodafone Hutchison Australia.
The proposal still needs the go-ahead from the Australian Consumer and Competition Commission (ACCC), which has expressed concerns that the merger may lead to increased prices for mobile consumers.
Nigel Dews, chief executive of HTA, remains confident that the deal will go forward as planned.
"We have responded to the ACCC's statement of issues and their requests for information, in particular expanding on our view that the merger will deliver more competition, a better deal for customers and more investment in the mobile market," he told the company's annual general meeting.
An announcement concerning the deal made in February 2009 stipulated that Vodafone would receive a deferred payment of A$500 million (£250 million) from the new company to equalise the value difference between the businesses.
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