Australian Watchdog Powers Down AGL's $1.3B MacGen Buy

Law360, New York (March 4, 2014, 11:31 AM EST) -- Australia's antitrust enforcer on Tuesday formally opposed AGL Energy Ltd.'s bid to acquire state-owned Macquarie Generation for 1.51 billion Australian dollars ($1.35 billion) after determining that the deal would likely suppress competition in the retail electricity market in New South Wales.

The formal opposition from the Australian Competition and Consumer Commission follows a set of preliminary concerns the agency outlined early last month in its statement of issues. After allowing all parties to respond to those findings, the ACCC determined that the deal would unfairly result...
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