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By Byron Kaye and Himanshi Akhand
(Reuters) -Australia's competition regulator on Friday blocked a A$4.9 billion ($3.2 billion) buyout planned by No.4 bank ANZ Group of insurer Suncorp's banking arm, setting the scene for a drawn-out legal challenge.
The Australian Competition and Consumer Commission (ACCC) said it was concerned a tie-up between the financial firms would worsen competition and "further entrench an oligopoly market structure" where four lenders including ANZ have three quarters...
>>> Read more: Australia regulator blocks $3.2 billion ANZ-Suncorp bank deal
(Reuters) -Australia's competition regulator on Friday blocked a A$4.9 billion ($3.2 billion) buyout planned by No.4 bank ANZ Group of insurer Suncorp's banking arm, setting the scene for a drawn-out legal challenge.
The Australian Competition and Consumer Commission (ACCC) said it was concerned a tie-up between the financial firms would worsen competition and "further entrench an oligopoly market structure" where four lenders including ANZ have three quarters...
>>> Read more: Australia regulator blocks $3.2 billion ANZ-Suncorp bank deal
