CRZ TLS

News: ACCC denies Carsales acquisition

  1. FNN News
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    20/12/12
    11:06
    Post #: 11211540
    .


    Carsales.com Limited’s (ASX:CRZ) proposed acquisition of Telstra Corporation Limited (ASX:TLS) owned the Trading Post has been opposed by the Australian Competition and Consumer Commission (ACCC), who says the transaction would result in a lessening of competition, as well as reduce choice for advertisers.



    The consumer regulator flagged initial concerns in October and invited submissions from the market.



    The online classifieds company launched a new industry website earlier this month called equipmentsales.com.au.

     


    Carsales.com generated a net profit of $71.6 million in the 2012 financial year.

    CRZ Price at posting: $7.47 Sentiment: None Disclosure: Held
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