Today I approve the application by FOXTEL Partnership (FOXTEL) to acquire Austar United Communications Limited (Austar), noting that a satisfactory resolution of the competition issues raised by the Australian Competition and Consumer Commission (ACCC) is required before the proposal can proceed.
The ACCC is an independent statutory authority that is responsible for administration of the Competition and Consumer Act 2010. In relation to FOXTEL's proposal, the ACCC raised serious competition concerns in its Statement of Issues which it is still considering.
I have therefore advised FOXTEL that, while I have approved the proposal under the Government's foreign investment policy and the Foreign Acquisitions and Takeovers Act 1975 within the statutory timeframe, a satisfactory resolution of the competition issues raised by the ACCC is still required.
The Government welcomes foreign investment in Australia and continues to ensure that investments are consistent with Australia's national interest.
23 December 2011