ANZ, Suncorp welcome takeover approval as ACCC reflects

ANZ's $4.9 billion takeover of Suncorp Bank has been approved by a competition tribunal. (Esther Linder/AAP PHOTOS)

ANZ has had a massive legal win after the consumer watchdog's rejection of its proposed $4.9 billion acquisition of Suncorp's banking arm was overturned on appeal.

An August decision by the Australian Competition and Consumer Commission (ACCC) declining to authorise the acquisition was overturned in a landmark judgment on Tuesday.