Section 96 Federal Competition and Consumer Protection Act 2018
Section 96 of the Federal Competition and Consumer Protection Act 2018 is about Notification of a large merger. It is under Part XII (Price Mergers) of the Act.
(1) A party to a large merger shall notify the Commission of the merger in the prescribed manner and form.
(2) The notification of the merger referred to in subsection (1) shall be published within five business days after receipt by the Commission.
(3) The primary acquiring undertaking and the primary target undertaking shall each provide a copy of the notice contemplated in subsection (1) to-
(a) any registered trade union that represents the employees in the acquiring and target undertakings respectively; or
(b) the employees or representatives of the employees of the acquiring and target undertakings, if there are no such registered trade unions.
(4) The parties to a large merger shall not implement the merger unless approved, with or without conditions, by the Commission in accordance with the provisions ofthis Act.
(5) Any action undertaken by any party in violation of the provisions of subsection (4) is void.
(6) The Commission may exercise any of the powers available to it under this Act to render void any violation of the provisions of subsection (3).
(7) An undertaking that violates the provision of subsection (4) . commits an offence and is liable on conviction to a fine not exceeding 10% of turnover of the undertaking in the business year preceding the date of the commission of the offence or to such other percentage as the court may determine having regard to the circumstances of the case.
