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TPG-Vodafone merger suffers $700 million setback
09 May 2019 00:00
A merger that would have seen Australia’s broadband and mobile network markets changed forever suffered a costly A$1 billion ($700 million) loss this week after a premature announcement from Australia’s competition regulator blocked the deal. Now the companies are preparing to take their fight to a Federal Court.
Premature release of Vodafone Hutchison-TPG merger decision ‘deeply embarrassing,’ Australian competition chief saysA technical glitch that saw a regulatory decision on a proposed multibillion-dollar telecommunications merger published before the market had closed for the day was “deeply embarrassing,” Australia’s top competition official says.
Vodafone Hutchison Australia’s merger with local telecommunications operator TPG Telecom has been blocked, with the country's competition regulator revealing it hasn't accepted TPG's 11th-hour decision to pull the plug on its planned network rollout.