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ACCC aims to fell Gunns' plan to acquire ITC Timber

ACCC aims to fell Gunns' plan to acquire ITC Timber

The ACCC has announced it intends to oppose the proposed acquisition of ITC Timber by Gunns (ASX:GNS).

The regulator has decided that the acquisition would substantially lower competition in the market for hardwood pulpwood in north-eastern Tasmania, chairman Graeme Samuel said.

“[ACCC] inquiries indicated that [regional] suppliers would face lower prices for their timber if the proposed acquisition were allowed to proceed,” he said.

Specifically, the acquisition would give ITC control of its 50% stake in the SmartFibre wood chip venture.

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Tags ITC TimberacccMergers and acquisitionsGunns

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