Section 97 Federal Competition and Consumer Protection Act 2018

Section 97 of the Federal Competition and Consumer Protection Act 2018 is about Power of the Commission to extend the period of consideration of a larger merger. It is under Part XII (Price Mergers) of the Act.

(1) Within 60 business days after the parties to a large merger have fulfilled all notification requirements referred to in section 96 of this Act, the Commission-
(a) may extend the period in which it has to consider the proposed merger to 120 business days and Issue an extension notice to all parties to the merger; or

(b) after having considered the merger in accordance with the provisions of this Act, issue a report in the prescribed form –
(i) approving the merger,
(ii) approving the merger subject to conditions, or
(iii) prohibiting implementation of the merger.

(2) Where upon the expiry of the 60 business day period provided for in subsection ( 1 ), the Commission has not issued an extension notice as provided for in that subsection or, upon the expiry of an extension period contemplated in subsection (1) (a), the Commission has not issued a report referred to in subsection (1) (b), the merger shall be regarded as having been approved, subject to the provision of section 99 of this Act.

(3) Subject to the provisions of this Part, the Commission shall-
(a) give to the parties applying for approval of a large merger its decision and cause a notice of the decision to be published in at least two national newspapers; and

(b) issue written reasons for its decision where-
(i) it prohibits or conditionally approves the merger, or
(ii) it is requested to do so by a party to the merger.