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Patersons to merge with Tolhurst

One month after announcing it will merge with Perth firm Montagu Stockbrokers, Patersons Securities has reached agreement to buy the stockbroking business of listed company Tolhurst Group for some $7 million.

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Perth
Another day, another merger proposal. One of the long term effects across sectors that the financial crisis will have is the lessening of competition in most sectors and long term consumers will pay for it. Lets make no mistake, once the rationalisations and consolidations and mergers have finished - all driven by market forces (read compulsion) and stamped by the ACCC, then the last ones standing will be set for a market where they will charge whatever they want, because their brethren were the victims of the financial crisis. One firm's doom will very definitely end up as another one's prosperity in the long term and the poor consumer getting the short shrift.

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