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Call for more comment on Suncorp Promina

The Australian Competition and Consumer Commission (ACCC) has progressed its examination of Suncorp’s acquisition of Promina by requesting more information on the deal from interested parties, including competitors.

Last week the ACCC released a “statement of issues” on aspects that need further information and comment on the manufacture and supply of personal insurance lines, including home insurance, motor vehicle insurance and compulsory third party insurance.

Chairman Graeme Samuel says the ACCC is seeking further information on competition concerns regarding the manufacture and supply of personal insurance lines before making a final decision.

“In particular, the statement of issues seeks comments on the extent to which there would be competitive constraints on the merged entity, should the acquisition proceed,” he said.

The ACCC is seeking submissions by Wednesday from Suncorp, its competitors, distributors and customers, as well as other interested parties.

Once it has considered any further submissions, it will make a final decision on the proposed acquisition on December 20.