Australian Watchdog Slams Santos' Bid For QGC

Law360, New York (February 20, 2007, 12:00 AM EST) -- Fearing higher prices and decreased competition, Australia’s consumer watchdog has rejected an offer by the country’s largest domestic gas producer for the Queensland Gas Company (QGC).

After reviewing the merger proposal by Santos, the Australian Competition and Consumer Commission announced Tuesday that it would oppose the acquisition in order to preserve competition in the Sunshine State’s wholesale gas industry.

ACCC chairman Graeme Samuel said in a statement that despite undertakings by Santos to keep competition robust by establishing a new company called New QGC, the commission...
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