Why is Cochlear (ASX:COH) in the news today?

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Highlights

  • ACCC is concerned about Cochlear’s proposed acquisition of Oticon Medical.
  • ACCC stated that the proposed acquisition would substantially lower the competition in the market.
  • Cochlear, responding to the concern, stated the proposed acquisition will not reduce the competition.

Consumer services giant, Cochlear Limited (ASX:COH) was buzzing in the news on Thursday (01 December 2022). The company shared today that the Australian Competition and Consumer Commission (ACCC) has stated Cochlear’s proposed Oticon Medical acquisition. As per ACCC, it will seek further market feedback concerning the proposed acquisition of Oticon Medical.

Meanwhile, the shares of Cochlear were spotted trading 0.070% higher at AU$214.190 apiece at 12:15 PM AEDT on the ASX on Thursday.

 

Key details from the ACCC and Cochlear’s statements:

Background of the proposed acquisition:

Cochlear Limited announced on 27 April 2022 that it had agreed to acquire Oticon Medical for approximately AU$170 million after Demant decided to quit its hearing implants business.

Meanwhile, the ACCC has advised a provisional final decision date of 16 March 2023 on the case.



 


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