ACCC clears Federation merger with Novion

Company News

Federation Centres Limited (ASX:FDC) has scored the ACCC’s green light to merge with Novion Property Group (ASX:NVN), formerly CFS Retail Property Trust Group.  
 
The Australian Competition and Consumer Commission (ACCC) says it will not oppose the proposed acquisition which was announced in February.  
 
Under the proposed transaction both groups would come together to create what they expect will be one of Australia’s leading real estate investment trusts. 
 
Federation Centres expects its application with the Foreign Investment Review Board to be dealt with prior a Novion securityholder meeting next Wednesday. 
 
Federation Centres reported a net profit of $223 million in the first half of the 2015 financial year.