Watchdog pushes back IAG-RAC deal decision
The competition regulator has delayed its decision on IAG’s proposed $1.35 billion takeover of RAC’s underwriting operations as it seeks further information.
The Australian Competition and Consumer Commission has now set a provisional date of October 2 to release its findings, pushed back from September 4.
That announcement could be either a final decision or the release of a statement of issues.
IAG’s plan to buy the WA motoring club’s insurance business follows the insurer’s similar deal with RACQ and Allianz Australia’s RAA underwriting acquisition.
The ACCC has cautioned that its approvals for the other two transactions – which also involved time extensions to collect further information – are not indicative of its thinking on RAC.
The three motoring club deals include the acquisition of underwriting operations and long-term distribution agreements.
Allianz Australia confirmed at the start of the month that its RAA deal was complete.