A consolidation or merger under the provisions of this chapter shall not become effective without the approval of the Public Utility Commission after due notice and opportunity for hearing, and the finding on its part that such consolidation or merger will not result in obstructing or preventing competition in the purchase or sale of any product, service, or commodity, in the sale, purchase, or manufacture of which such corporations are engaged. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 1993, No. 21, § 11, eff. May 12, 1993.)