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Has more been made of the ANZ/National Bank merger than may be reality?

The Commerce Commission has lowered the bar for certain mergers and acquisitions that have “clear public benefits” and a limited impact on competition.

Following public consultation the commission says it has developed a new streamlined authorisation process designed to speed up the regulatory decision making process.

“The streamlined process will allow businesses to make more timely and cost-effective decisions," says Commerce Commission director of competition Deborah Battell.

Entrepreneur Rodney Martin’s Carpet Court and The Floor Store group has hit back after a mass walkout by Carpet Court franchisees last month, today announcing a partnership with Auckland-based flooring business Hills Floorings.

The partnership gives the Flooring Brands group (which includes Carpet Court and The Floor Store) annual revenues of over $200 million and, according to the company, more than a third of the country’s retail flooring market.

Recent decisions by the Commerce Commission and the Court of Appeal show that the voluntary clearance mechanism, introduced in 1990 to provide swift certainty for parties considering a merger, is neither swift nor certain.

The intentions of Parliament to create a crisp and decisive process were clear.

The commission was to have 10 working days, down from 20, and unless it specifically declined clearance within that time, it would be deemed to be given.

In other words, the commission was expected to make a decision and make it quickly.