In this morning’s AFR, it is reported that:
Fascinating. Impressive eh.
But where is the usual language around mega mergers? You know, subject to ACCC review/approval? You know, those pesky competition thingeys.
The AFR further say:
A merged entity would be bigger than the nation’s largest fund, AustralianSuper, which has $170 billion.
So let’s get this right. Banks can’t merge. 2 Supermarkets dominate the market and allegedly bully suppliers. Petrol, electricity, telco, blah, blah, blah. All under the close eye of the ACCC. Yet not only does the ACCC not seem to care about Industry Fund consolidation, but APRA is in fact encouraging this.
It has already been demonstrated that there have been attempts to bully the boards of these large industry super funds to bully companies (see BHP and maritime) and who knows what pressure has been exerted onto the management of companies by Industry funds where such activity has not been leaked to the media.
But the ACCC, does not seem at all interested:
A wave of mergers is sweeping the $2.8 trillion super system.
A tie-up between First State Super and Vic Super is due for completion next year. The merged entity will control $93 billion in assets, putting it third behind QSuper-Sunsuper (if that deal goes ahead) and AustralianSuper.
Hostplus and Club Super finalised a tie up on November 1.
So Mr Sims? Where are you? Still chasing that free range egg disclosure business?