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Australian competition regulator extends review of GrainCorp-ANZ deal

GrainCorp Ltd. said Sept. 26 that the Australian Competition and Consumer Commission, or ACCC, has extended the review of ANZ Terminals Pty. Ltd.'s proposed A$350 million acquisition of GrainCorp Ltd.'s Australian bulk liquid terminals assets.

The ACCC was scheduled to announce its decision on the proposed deal by Oct. 17 and has now extended the deadline to Oct. 31.

The transaction is also subject to other conditions, including regulatory approvals from the Foreign Investment Review Board.

In July, the Australian competition regulator raised concerns over the deal, citing loss of competition in some parts of the country, resulting in potentially higher prices or lower service levels for customers.

The ACCC did not immediately respond to S&P Global Market Intelligence's request for comment.