Mergers and Acquistions News
Categories: Software
October 14th 2009, 16:47PM
The Australian Competition and Consumer Commission (ACCC) has today (October 14th) opposed the proposed deal under which Ernst & Young's tax compliance software business would be acquired by Thomson Reuters.
After investigating the proposed acquisition, the authority decided that the deal would have a negative effect on competition in the markets for the supply of income tax and fringe benefits compliance software.
"The ACCC conducted extensive inquiries with a range of parties, including competitors, potential market entrants, companies that use the software products as well as those that do not use the software products for their tax compliance function," commented ACCC chairman Graeme Samuel.
Ernst & Young and Thomson Reuters both currently supply tax compliance software to the vast majority of companies in Australia that use it and as such are one another's closest competitors.
Thomson Reuters last month hosted a presentation at the Goldman Sachs Communacopia XVIII 2009 Conference in New York City.
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