In July 2001, I raised no objections under the Foreign Acquisitions and Takeovers Act 1975 to a proposal for Brambles Industries Limited to merge with the support services activities of GKN plc (which were incorporated into a new entity, now known as Brambles Industries plc) through the establishment of a dual listed companies (DLC) structure. The proposal was approved subject to conditions requiring the observance of a number of undertakings provided by Brambles.
Brambles now proposes to undertake a restructure of its ownership under which a new Australian incorporated company, Brambles Limited, would become the holding company of both Brambles Industries Limited and Brambles Industries plc, with Brambles Limited having its primary listing on the Australian Stock Exchange. I have raised no objections to this proposal under the Foreign Acquisitions and Takeovers Act 1975.
The Foreign Investment Review Board has received confirmation from the current Board of Brambles Limited intends that, after the proposed unification of the DLC, the head office and global headquarters of the Brambles Group will be based in Australia and that Brambles Limited’s Chief Executive Officer and Chief Financial Officer will have their principal places of residence in Australia. The Brambles Limited Board has noted that, in expressing this intention, it has had regard to its statutory and fiduciary duties to shareholders.
Based on this confirmation, and noting that the restructure and listing would continue Brambles’ strong Australian identity and focus, I have also decided that the conditions that I imposed in July 2001 are revoked, subject to the termination of the dual listed companies structure.