Australian Regulator Delays Decision On Foxtel's Proposed Takeover Of Austar

Date : 03/27/2012 @ 4:41AM
Source : Dow Jones News
Stock : Telstra Fpo (TLS)
Quote : 3.07  -0.04 (-1.29%) @ 1:59AM
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Australian Regulator Delays Decision On Foxtel's Proposed Takeover Of Austar

Austar United Communications (ASX:AUN)
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Australia's competition watchdog has delayed its decision on whether to approve the 1.9 billion Australian dollar (almost US$2 billion) takeover of pay-television company Austar United Communications Ltd. (AUN.AU) by fellow pay-television firm Foxtel.

Austar said in a statement Tuesday the Australian Competition and Consumer Commission had suspended the timeline for its decision to "finalise discussions with Foxtel in relation to draft undertakings."

It said it remained optimistic of a positive outcome for the deal and would proceed with a shareholder meeting to vote on the proposed takeover on Friday, March 30.

The deal needs the approval of the ACCC to proceed. Last year the ACCC raised concerns about the effect on competition in the pay-television market if the deal went ahead.

Foxtel is 50% owned by Australian telecommunications giant Telstra Corp. (TLS.AU) and 25% each by Consolidated Media Holdings Ltd. (CMJ.AU) and News Corp. (NWS), the owner of this newswire.

-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095;

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