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This newsletter will keep employers up to date on Canadian employment and labour developments and best practices.
Australia | Publication | May 2025
Mergers or acquisitions that meet certain turnover thresholds will be required to be notified to the ACCC from 1 January, 2026. ACCC clearance is required before a deal can close. The following summarises the current expected state of the law. However, please note that the final instruments and guidance are yet to be published. Please seek specific legal advice for your situation as the following is a simplified summary. |
Acquisitions of the following are within scope:
Acquisitions of the following are outside the scope:
Step 1: Preliminary consultation with the ACCC.
Step 2: Parties complete and submit a long or short notification form. The long form is required where:
Step 3: The ACCC will confirm if the application is complete (after the filing fee is paid) and the review timeline will begin.
Phase | Timing |
---|---|
Pre notification discussions |
The ACCC encourages parties to a notifiable acquisition to engage with it before formally lodging a notification. Businesses can commence pre-notification engagement by lodging a request via a new to be developed mergers portal. The ACCC will engage ‘promptly and meaningfully’ with businesses once a request is received. The ACCC recommends that parties initiate pre-notification engagement at least two weeks before formal notification and earlier for acquisitions which may raise competition concerns |
Phase 1 |
There will be an initial ‘Phase 1’ review process of 30 business days, from a complete application being lodged. Most deals are expected to clear in this timeframe. There will also be scope for a fast-track determination by the ACCC after 15 business days if no competition issues arise. |
Phase 2 |
A ‘Phase 2’ review will be more in-depth and will take up to a further 90 business days. At the end of Phase II, the merger can be put into effect with or without conditions or disallowed by the ACCC entirely. The ACCC cannot block a merger unless a Phase II review has occurred. |
Public benefit assessment (+50 further business days) |
From 2026, approval on the basis that there are substantial public benefits that outweigh anti-competitive downsides, is only able to be sought by merger parties if the ACCC blocks the deal in Phase II. The prescribed period for this review is an additional 50 business days. |
Regime promotes timing discipline but the clock can be stopped |
If an ACCC determination is not made within the statutory timeframe for Phase 1 or Phase 2, the acquisition will be deemed approved. This is a significant shift from the current flexible timeframes for reviews in the informal regime that can be varied unilaterally by the ACCC. However, in practice we would expect the ACCC to utilise ‘stop the clock’ mechanisms to extend the statutory timelines thereby providing some flexibility. |
The approach to calculating turnovers and transaction values is similar to that which applies in many jurisdictions.
1. Calculate the turnover of all parties to the transaction
Each principal entity acquiring control | The target |
---|---|
Current GST Turnover of each principal party to the acquisition and each of its connected entities. In effect, this looks at the Australian turnover of the entire corporate group involved in the transaction. |
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2. Consider the transaction value
3. Notes
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This newsletter will keep employers up to date on Canadian employment and labour developments and best practices.
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In this edition we provide a reminder of the main provisions and implications of the Terrorism (Protection of Premises) Act 2025 since its Royal Assent, and discuss the potential for a long-awaited strategic shift for infrastructure projects following the formation of the National Infrastructure and Service Transformation Authority. We also discuss the outcome and significance of an interesting court of appeal case considering boundary agreements and provide an update on recent tax events affecting the real estate sector.
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Te Board of Directors of Pemex approved the Guidelines for Mixed Development Schemes of the Public State Company, Petróleos Mexicanos (Agreement CA-025/2025, the “Guidelines”), published in the Federal Official Gazette (DOF) on April 29, 2025.
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