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IOOF gets one green light for $1.4b MLC takeover
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The competition regulator will not stand in the way of wealth giant IOOF s ambitious acquisition of the National Australia Bank s MLC, noting that the combined group would still face significant competition from industry super funds.
The Australian Competition and Consumer Commission released the findings of its review into the $1.4 billion transaction on Monday, helping pave the way for IOOF to make good on its claim to become Australia s largest retail wealth manager and provider of financial advice. Shares in IOOF rose 3 per cent to $3.74 in Monday s trade.
ACCC approval is a key milestone for the MLC deal, says IOOF CEO Renato Mota.