The Australian Competition and Consumer Commission (ACCC) will hand down its verdict on the proposed sale of Count Financial (Count) to the Commonwealth Bank of Australia (CBA) this week.
The ACCC expects to announce the findings of its review on 17 November, a statement on the competition watchdog’s website said.
Late last month, the ACCC suspended its review of the sale after calling on the CBA to provide further details.
It is not known what further information the ACCC required from the CBA.
The ACCC announced on 4 November that it had received the required information, resulting in the commission recommencing its review.
The commission is reviewing the proposed sale under Section 50 of the Competition and Consumer Act 2010.
“Section 50 of the act prohibits mergers and acquisitions that substantially lessen competition in the market or are likely to do so,” an ACCC letter, dated 14 September, said.
The ACCC said there are four key areas of overlap that could prohibit a successful sale.
The areas are: financial planning and advisory services; retail investment platforms; supply of mortgage and lending services; and insurance.
CBA made its $373 million takeover offer for Count in August.
