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MEI Online: General Minerals Engineering: Latest News: May 7th 2003

:: ACCC Approves MIM Acquisition  

The Australian Competition and Consumer Commission will not oppose the proposed acquisition of MIM Holdings Ltd by Xstrata plc, ACCC Chairman, Professor Allan Fels, said on 9th May.

As part of its investigation of the proposed acquisition, the ACCC conducted market inquiries of customers and competitors. In reaching its view the ACCC examined the likely competitive constraints that Xstrata would face.

Professor Fels said: "After our market inquiries, the ACCC has come to the view that the acquisition is unlikely to substantially lessen competition in the national markets for thermal coal and coking coal. The ACCC found that there are a significant number of competing mining companies and that these competitors will constrain prices for coal. Xstrats's competitors supply both the domestic and international markets and would be able to redirect supply in response to any price increase by Xstrata. Further, the ACCC considered that the global trading and pricing of coal is likely to exercise an effective competitive constraint on Xstrata. Accordingly, the ACCC concluded that the proposed acquisition is unlikely to substantially lessen competition."

See also News: April 14th 2003



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