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COMPETITION AND CONSUMER ACT 2010 - SECT 80AC

Injunctions to prevent mergers if clearance or authorisation granted on the basis of false or misleading information

             (1)  If, on the application of the Commission, the Court is satisfied that:

                     (a)  a person is proposing to acquire shares in the capital of a body corporate or assets of a person; and

                     (b)  the person was granted, under Division 3 of Part VII (mergers), a clearance or an authorisation for the proposed acquisition on the basis of information that was false or misleading in a material particular; and

                     (c)  that information was given by the person or a body corporate that was related to the person; and

                     (d)  if that information had not been given, the clearance or authorisation would not have been granted; and

                     (e)  apart from the clearance or authorisation, the acquisition would contravene section 50 if it occurred;

then the Court may grant an injunction in such terms as the Court determines to be appropriate.

             (2)  However, the Court must not grant the injunction if:

                     (a)  the person was granted both a clearance and an authorisation for the acquisition under Division 3 of Part VII; and

                     (b)  the Court could not grant an injunction under this section in relation to both the clearance and the authorisation.

Example:    If a clearance for an acquisition was granted by the Commission on the basis of false or misleading information, and an authorisation for the acquisition was granted by the Tribunal on the basis of true information, then the Court cannot grant an injunction under this section because it would not be able to grant the injunction in relation to the authorisation.



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