PNG regulator rejects stake sale of Westpac's Pacific businesses (updated)

Kina Securities

26/07/2021 08:36

(Adds context, Kina's statement)
    July 26 (Reuters) - Papua New Guinea's competition regulator
has rejected Kina Securities'  KSL.AX  A$420 million ($308.45
million) proposed stake acquisition in Westpac Banking Corp's
 WBC.AX  Pacific operations, Australia's No. 2 lender said on
Monday.
    PNG's Independent Consumer and Competition Commission (ICCC)
raised concerns that the deal would not result in "benefits that
outweigh detriments to public" and would lessen competition in
the country's market, Kina said in a separate statement.    
    Westpac said both parties were reviewing the regulator's
draft and would make further submissions to ICCC before it takes
a final decision on the deal in September. 
    Westpac announced the deal in December among a series of
divestitures in an attempt to streamline its operations by
focussing more at home.  urn:newsml:reuters.com:*:nL1N2IM0JN
    


($1 = 1.3617 Australian dollars)

 (Reporting by Anushka Trivedi in Bengaluru)
 ((Anushka.Trivedi@thomsonreuters.com; +918061823241;))