Australian federal court derails $8.8B Tabcorp-Tatts Group merger

The multi-billion dollar marriage of Australian betting firms Tabcorp Holdings and Tatts Group is now in limbo after the Federal Court upheld a petition seeking to block their union.

Justice Nye Perram tossed the AUD$11 billion Tabcorp and Tatts Group merger deal back to the Australian Competition Tribunal – so much to the delight of the country’s competition watchdog Australian Competition and Consumer Commission (ACCC).

The public, however, has to wait at least five days to know the reason behind the Perram’s decision, according to the report of The Sydney Morning Herald.

“The ACCC is pleased that the Full Federal Court has set aside the decision,” ACCC chairman Rod Sims said after the verdict on Wednesday. “However, the reasons for the decision are not yet public.”