ACCC denies Carsales acquisition

Company News Limited’s (ASX:CRZ) proposed acquisition of Telstra Corporation Limited (ASX:TLS) owned the Trading Post has been opposed by the Australian Competition and Consumer Commission (ACCC), who says the transaction would result in a lessening of competition, as well as reduce choice for advertisers.

The consumer regulator flagged initial concerns in October and invited submissions from the market.

The online classifieds company launched a new industry website earlier this month called generated a net profit of $71.6 million in the 2012 financial year.