The Australian Competition and Consumer Commission has provided the full details of its approval for Universal’s £1.2bn acquisition of EMI Music in the territory.

The ACCC said it would not oppose the deal, which it felt would be unlikely to substantially lessen competition in the Australian market and that barriers to entry did not appear high for new, small-scale, independent record companies.

The deal approval was criticised by both the Australian Independent Record Labels Association and Merlin as "deeply disappointing" ...