The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen MP, today congratulated the Takeovers Panel on its imminent 10 year anniversary.
The Panel will reach this milestone on 13 March 2010.
"Over the past decade, the Panel has established itself as a key part of the regulation of capital markets in Australia by providing a fair, speedy and cost-effective mechanism to resolve disputes during takeover transactions," Mr Bowen said.
"The existence of the Panel ensures takeover transactions are not unnecessarily delayed by protracted and costly litigation, which would adversely impact upon shareholders and market efficiency.
"I appreciate the market experience and understanding that the Panel members and staff have brought to the Panel over the years, and the practical guidance it has given to the market.
"The effectiveness and professionalism of the Panel is evidenced by the way it has gained and retained the respect of market participants and the business community. This is a credit to all the people who have worked on the Panel, in particular, its long-serving President, Mr Simon McKeon."
Australia's approach to the regulation of takeovers is recognised as being world-class.
12 March 2010