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ARTICLE · 26 SEPTEMBER 2006

Takeovers Panel: Proposed Change To Powers

Gadens Lawyers
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On 7 September 2006 the Federal Treasurer announced the release of an exposure draft of the Corporations Amendment (Takeovers) Bill 2006 (the Bill). The Bill contains changes to the Corporations Act 2001 (Act) intended to bolster the powers of the Takeover Panel (the Panel).

AustraliaCorporate/Commercial Law

On 7 September 2006 the Federal Treasurer announced the release of an exposure draft of the Corporations Amendment (Takeovers) Bill 2006 (the Bill). The Bill contains changes to the Corporations Act 2001 (Act) intended to bolster the powers of the Takeover Panel (the Panel).

The proposed reforms are aimed to address concerns about the Panel's powers and jurisdiction under the Act. Concerns were raised following recent Federal Court decisions in respect of Swiss commodities trader, Glencore International AG, and its stake in Austral Coal, the subject of a bid by the Centennial Coal Company. The concerns are that the Panel will not be able to effectively perform its role, as intended by Federal Parliament, as a result of the interpretation of the Act in the Glencore decisions.

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