The National , Tuesday, May 31, 2011
THE Independent Consumer and Competition Commission (ICCC) announced last Friday that it had completed its analysis of the clearance application for the proposed acquisition of The Corps (PNG) Ltd by G4S International Holdings Ltd.
ICCC Commissioner Dr Billy Manoka said: “With the passage of the ICCC Act 202, a new dimension has been introduced to the conduct and behaviour of businesses in this country.
“It means private and public entities face new challenges in the way they conduct their businesses. In particular, where applicable, businesses are required by law to comply with rules relating to market conduct and fair trade practices, while at the same time being mindful of consumer interests.”
Manoka pointed out that section 69 of the ICCC Act prohibited a person or corporation from acquiring the assets or shares of another “business if the acquisition would have, or would be likely to have, the effect of substantially lessening competition in a market”, unless such arrangements are approved by the ICCC.
He said that in April this year, G4S submitted an application for clearance pursuant to section 81 of the ICCC Act to acquire The Corps.
Manoka said: “Clearance, if granted, provides immunity from contravention of section 69 of the ICCC Act.
He said the clearance procedure also enabled the commission to consider the merits of the proposed acquisition through a wider public consultation process.