The Parliamentary Secretary to the Treasurer, Chris Pearce, today introduced the Corporations Amendment (Takeovers) Bill 2007 into Parliament.
“The Bill will ensure the Takeovers Panel can continue to act efficiently and effectively as the primary forum for resolving takeovers disputes,” Mr Pearce said.
“The Panel has carried out that role for almost 7 years and has performed well. It has resolved disputes promptly and efficiently, reduced tactical litigation and contributed to an efficient, competitive and informed market. The Bill will ensure it can carry on doing so.”
The Bill responds to concerns, arising from the recent court cases between Glencore and the Takeovers Panel, that the Panel might not have the powers it needs to perform its role effectively.
The Bill specifies that the expression ‘a substantial interest' will not be confined to a narrow set of interests. This will give the Panel sufficient jurisdiction to intervene where appropriate. The Bill also gives the Panel jurisdiction to intervene where circumstances are unacceptable having regard to the statutory purposes of the takeovers law.
“The amendments will mean that the Takeovers Panel can act as it was intended, to see the spirit of the law is observed,” Mr Pearce said.
Mr Pearce thanked all those who had contributed to the development of the Bill, both through submissions and comments on it.
14 February 2007
CANBERRA
Contact:
Conor O'Brien - 02 6277 2088 or 0402 970 515