Faced with a choice between economic theory vs economic fact, the Australian Competition Tribunal (the Tribunal) has decided strongly in favour of fact, concluding that 'theory must give way to fact'.
On 28 July 2016, the Tribunal released reasons for its recent determination to authorise Sea Swift's proposed acquisition of certain shares and assets relating to Toll Marine Logistics' (TML) business in the Northern Territory (NT) and Far North Queensland (FNQ).
The Tribunal found not only that there was no substantial lessening of competition, but no competitive detriment at all (other than some detriment in relation to one landing facility which was addressed through a s87B undertaking), and further found that there were significant public benefits.
MinterEllison acted on behalf of Toll Holdings Ltd.
We wrote about the initial Tribunal decision on 1 July in, Toll Holdings Ltd and Sea Swift successful in application for merger authorisation to the Australian Competition Tribunal.