IFLR 1000
The Guide to the World's Leading Financial Law Firms

It was expected that there would be changes in the competition practice but few envisioned the groundbreaking decision by the Asutralian Competition and Consumer Commission (ACCC)'s on the Axa APH transaction. "The most high profile case in competition law had to be when ACCC cleared the AMP bid in April 2010, but decided to oppose National Australia Bank's (NAB) bid," says one partner.

Despite NAB's proposed complex divestment undertakings to divest to IOOF a part of the Axa business, the ACCC blocked the NAB proposal again ending the NAB agreement with Axa APH. Most of the issues turned around the North software platform which is used as a distribution hub for wealth management products sold through Axa's planners.

With the boom in the energy and resources sector and the rise of the digital economy demands for access to infrastructure are increasing and considered essential for effective competition. The New South Wales Government's energy asset privatisation and the Australian Government's proposal to construct a national broadband network are two of the most significant and complex infrastructure deals in Australia's history.

The market continues to await the first cartel criminal prosecution following the introduction of criminal sanctions in June 2009. The prohibitions on cartel conduct have been actively prosecuted by Australian competition enforcement agencies, and the Federal Court of Australia has imposed significant penalties on companies and individuals who have engaged in cartel conduct. The most notable actions in relation to the local cardboard box cartel, for which a penalty of A$36 million ($38.8 million) was imposed on a single company, and more recently in the air freight industry.

In March 2012 Blake Dawson merged with Ashurst with the combined operation adopting the UK firm's name. Initially the merger will be focused on the two firm's Asia operations with full integration expected in 2014.

The firm retains its top tier position with one client noting that: "Blake is my favourite to deal with in any area of the law because they're capable, commercial and personal," the same client adds: "Their advice is always soundly based and practical."

The team continues to play a very prominent role in advising Australian and international clients on the regulation of infrastructure assets, such as railways, pipelines and coal loading infrastructure.

Led by partner Stephen Ridgeway, an "extremely professional, reliable and provider of first class advice" according to a peer, the team has continued its excellence in this practice area. "The quality of the advice is high, there's no question about capability," says a client.

The past year saw the team act for PetroChina on it's A$3.5 billion ($3.8 billion) joint takeover offer with Royal Dutch Shell for Arrow Energy. The proceeding will be by scheme of arrangement and which is subject to shareholder and regulatory approvals. Blake Dawson's role included advising in relation to Australian Competition and Consumer Commission (ACCC) clearance of the transaction. The deal is the largest Chinese joint venture bid in Australian corporate history

Other notable highlights include providing regulatory advise to a consortium which has an exclusive mandate from the Queensland Government to develop the A$1.5 billion Surat Basin Rail Project.

The proposed acquisition of Franklins 85 stores by Metcash for A$215 million saw the team acting for Pick 'n Pay in defending proceedings commenced by the ACCC to prevent completion of the acquisition.

Freehills' greatest strengths is its unparalleled relationships with all levels of major regulators including the Australian Competition and Consumer Commission (ACCC), government bodies and professional bodies.

Clients have taken a liking to the team's ability to "address our business and strategic business requirements and provide innovative solutions to complex problems."

Freehills was involved with the biggest competition transaction this year when the ACCC opposed National Australia Bank's (NAB) bid but cleared the AMP bid. Despite NAB's proposed complex divestment undertakings to divest to IOOF a part of the Axa business, the ACCC blocked the NAB proposal again, ending the NAB agreement with Axa APH. Much of the issues turned around the North software platform which is used as a distribution hub for wealth management products sold through Axa's planners

Another highlight was advising the New South Wales (NSW) treasury in the preparation of a model gentrader contract. The NSW Government's Electricity Reform Strategy was one of the largest privatisation projects in Australia.

The process raised a full range of competition law issues. These included obtaining ACCC merger clearance for the successful bidders, an application to the ACCC for authorisation of proposed co-insurance contracts to support the sale of trading rights over the State's generation assets, and ongoing competition law advice on a range of ancillary issues associated with the transactions.

Referred to by a client as having "stood out as being very efficient and knowledgeable in this area of practice", Gilbert + Tobin, led by Gina Cass-Gottlieb, remains one of the strongest competition teams in Australia.

Cass-Gottlieb principally advises and acts for clients on large-scale commercial transactions with a competition law application and also specialises in anti-trust and economic regulatory advices. Rival partners comment that "she is the top tier amongst the top competition lawyers", while another client went further, suggesting that "she can go to any law firm and the team will instantly become top tier".

With a strong presence in New South Wales (NSW) the team advised the State treasury in the preparation of a model gentrader contract. This transaction was one of the largest privatisation projects in Australia and the process raised a full range of competition law issues with the NSW Government's Electricity Reform Strategy.

Another highlight again saw the team advising the NSW Government when SITA Australia acquired WSN Environmental Solutions. This transaction was quite complex because of WSN's unique position in waste disposal markets in NSW which creating a complex vertical integration issue.

Allens Arthur Robinson "listens better to what we want to achieve, other law firms do not provide the same level of strategic advice", says a client.

The firm has been handling major cartel investigations, prosecutions and class actions, high profile mergers, access disputes and consumer protection proceedings. Clients have noted that the team is "incredibly astute, very quick to pick up issues and come up with solutions." In advising a number of financial institutions and insurance companies the team is commended for "having an incredible knack for dealing with the regulators".

Leading the team are Fiona Crosbie and Wendy Peter, who one peer describes as "an excellent practitioner, one I highly regard". "When clients have called on the expertise of Allens Arthur Robinson and either Crosbie or Peter it is seen as a safe choice for them as they are lawyers with experience of major transactions".

Last year the firm was busy advising Exxonmobil in getting a 16-year ACCC exemption for the PNG Gas Project to engage in joint marketing.

The Clayton Utz competition group is strong in all aspects of competition law in Australia and clients have "found them to be an efficient team with good knowledge of the law", according to one.

One client also values the team for "their expertise and connections in the industries, which really help speed the process".

A highlight last year saw the team act for AMP in relation to it's A$13 billion ($14 billion) acquisition of Axa APH, the biggest competition transaction last year. This was a groundbreaking matter in financial services in Australia and was one of the largest M&A matters in the market.

The team was able to assist AMP to convince the Australian Competition and Consumer Commission (ACCC) to adopt a new analysis of competition in the wealth management sector which knocked out the rival bidder National Australia Bank (NAB). This was the first time the ACCC has rejected any deal in Australian financial services.

Michael Corrigan and Linda Evans are both "highly rated in this area for being thorough and professional", according to a rival partner. Clients agree: "[Evans] is excellent, provides relevant competition law advice and finds innovative solutions to complex regulatory problems," says one.

Another highlight saw the team advising Origin Energy in relation to its A$3.25 billion ($3.5 billion) acquisition of strategically significant assets as part of the New South Wales Government's energy asset privatisation. This deal was similarly groundbreaking in that ACCC clearance was required for Origin to be able to acquire two out of the three retailer offers for sale.

In March 2012 Mallesons Stephen Jaques merged with King & Wood to form King & Wood Mallesons, the first Sino-Australian firm. In the first phase the two firms will combine their Australian, Chinese and Hong Kong partnerships under a Swiss Verein structure. Full financial integration plans are yet to be announced.

"Their competition law advice always combines technical expertise with deep commercial understanding and pragmatism," says one client.

The team lead by Sharon Henrick, "one of the best competition law practitioners I have ever encountered in any jurisdiction", according to one client, has continued to impress. The team's "depth and breadth allows them to substitute lawyers without missing a beat," says another.

The firm acted for Axa Asia Pacific Holdings (Axa APH) last year in relation to the A$16 billion ($17.2 billion) bids made respectively by National Australia Bank (NAB) and AMP (AMP) to acquire Axa APH's Australian and New Zealand businesses and obtaining clearance from the Australian Competition and Consumer Commission (ACCC).

The deal was significant because it involved consolidation across the Australian financial services and wealth management industries at a time when the ACCC is heavily scrutinising competition in those industries following the global financial crisis and acquisitions by the four major Australian banks.

Most recently the team assisted British Airways with prosecutions by the Korea Fair Trade Commission and the New Zealand Commerce Commission. This was prior to acting for British Airways across the Asia Pacific region in relation to investigations, prosecutions and follow-on actions for damages to the cartel conduct in the airline industry.

In January 2011, Mallesons appointed Wayne Leach into the partnership. Based in the Sydney office, Leach specialises in the competition practice's resource, primary industry and transport infrastructure sectors.

"With Baker & McKenzie I like the team we are using, they are always on top of all the issues and we find them to be not just legal but very commercial in their advice," comments a satisfied client.

The team's range of clients include the Australian Competition and Consumer Commission (ACCC) who it has advised on merger clearance and investigations into alleged cartel conduct.

A highlight for the team was advising the New South Wales Treasury on the competition issues arising in connection with the privatisation of the State's electricity assets valued at A$6 billion ($6.5 billion). The process raised a full range of competition law issues including obtaining ACCC merger clearance for the successful bidders and an application to the ACCC for authorisation of proposed co-insurance contracts in supporting the State's sale.

The past twelve months has seen Minter Ellison advising Aspen Pharmacare Holdings on the sale of Sigma's pharmaceuticals arm to Aspen. Aspen is South Africa's largest pharmaceutical manufacturer and a major supplier of branded and generic pharmaceutical, healthcare and nutritional products to southern Africa and selected international markets. The sale was subject to a number of conditions, including shareholder and regulatory approval. Competition issues were resolved through carving out selected assets and requiring the purchaser to divest others, facilitating completion on schedule. Sigma retained its healthcare division, which includes its wholesale and retail business

Another notable highlight was advising Anglo American, one of the world's largest mining companies, on the largest Australian outbound M&A deal in the mining sector since 2001. The Australian competition issues required negotiations with the Australian Competition and Consumer Commission (ACCC) about undertakings from One Steel to allow the transaction to take place.

In November 2010 the firm boosted its team with the hire of partner Katrina Groshinski from Clayton Utz.

Norton Rose's antitrust, competition and regulatory team has the unique capability of being able to respond to investigations and manage cross border merger filings throughout Europe, the UK and Australasia.

"I've had dealings with other firms but I wouldn't recommend anyone else," says a client. While another said: "generally happy and very pleased with their work and responsiveness."

The team covers every aspect of Australian competition and regulatory law. A lot of the advising work is acting in Australian Competition and Consumer Commission (ACCC) investigations, regulatory prosecutions and private enforcement proceedings, including class actions.

A notable highlight was representing Hydro Tasmania, one of Australia's leading renewable energy businesses in regard to an investigation brought by the ACCC in relation to pricing and dispatch of electricity in the National Electricity Market under the misuse of market power provisions of the (then) Trade Practices Act.