ACCC Blocks IAG’s Acquisition of RAC Insurance Over Competition Concerns
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The ACCC has blocked IAG's acquisition of RAC Insurance, citing concerns over reduced competition in Western Australia's motor vehicle and home insurance markets. The merger was deemed likely to lessen competition, potentially increasing premiums and reducing service quality. Despite other insurers' presence, the ACCC believes they wouldn't counterbalance the competitive loss. RACI can continue as a strong independent competitor. IAG's stock has a Hold rating with an A$8.80 price target.
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