Australia Regulator Blames Website Flaw For Early Reveal Of TPG-Vodafone Decision

Australia’s anti-trust regulator apologized “unreservedly” for publishing confidential information about its decision to block a $10 billion merger of TPG Telecom and Vodafone’s Australian joint venture, blaming a flaw in its website.

The Australian Competition and Consumer Commission’s (ACCC) decision to reject the deal was uploaded to its website an hour before the market closed on May 8, catching investors unawares as they were expecting a decision on the next day.

The news sent both firms into a tailspin and shares slid across the broader sector until the market closed and the regulator published a fuller note explaining its reasons.

“Instead of the new information being treated as draft content requiring internal approval, the flaw meant the content was live,” the regulator said in a statement on Thursday.―Reuters