Treasury Laws Amendment (Mergers and Acquisitions Reform) Act 2024 (137 of 2024)

Schedule 1   Acquisitions

Part 2   Amendments commencing 1 July 2025

Division 1   Amendment of the Competition and Consumer Act 2010

Competition and Consumer Act 2010

40   After section 77C

Insert:

Division 3 - Orders relating to acquisitions

77D Orders relating to void acquisitions

(1) This section applies if an acquisition:

(a) is void to any extent by force of subsection 45AZA(2); or

(b) would be void to any extent by force of that subsection apart from an order under this section.

(2) The Federal Court may, on the application of the Commission or any other person, make any of the following orders that the Court believes appropriate:

(a) an order that subsection 45AZA(2) is to be taken not to apply, and never to have applied, to the acquisition;

(b) such other order as the Court believes appropriate (including, if the Court does not make any order under paragraph (a), such other order as the Court believes appropriate to give effect to the voiding or to deal with the consequences of the voiding).

(3) The application must be made no later than 6 years after the acquisition was put into effect or purportedly put into effect.

(4) Before making an order under paragraph (2)(a), the Court must have regard to the seriousness of the related contravention of section 45AY, including the effect of the contravention on persons who are not parties to the acquisition.

(5) If an application is made under subsection (2) by a person other than the Commission:

(a) the Court must give a copy of the application to the Commission; and

(b) the Commission may intervene in the proceedings on the application.

(6) If the Commission intervenes in a proceeding under paragraph (5)(b), the Commission is taken to be a party to the proceeding and has all the rights, duties and liabilities of such a party.

Division 4 - Offences