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ACCC holds up Gunns' acquisition of ITC Timber

ACCC holds up Gunns' acquisition of ITC Timber

The ACCC has deferred its decision to allow the acquisition of ITC Timber by Gunns Limited (ASX:GNS), while it seeks comments on the acquisition’s effect on competition in the Tasmanian pulpwood trade.

Gunns had arranged to pay around $100 million to buy ITC Timber from current owner Elders Limited (ASX:ELD).

But the ACCC today released a statement of issues based on the concerns the regulator had in regards to the acquisition.

“The ACCC’s preliminary view is that the acquisition may raise competition concerns in… north-eastern Tasmania, where both Gunns and ITC Timber acquire residual timber for their respective wood chip operations,” the statement reads.

The ACCC is seeking comments on the issues, and will make its final decision on November 25.

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Tags acccMergers and acquisitionsGunns

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