Corporations Amendment (Takeovers) Bill 2006

Date:

Thursday, 7 September 2006

Content ID:

1152

Abstract:

On 7 September 2006, the Treasurer released the draft Corporations Amendment (Takeovers) Bill 2006.

In recent court cases Glencore International AG sought review of decisions of the Takeovers Panel. The Court gave a judgment in March this year that has given rise to questions about the extent of the Takeovers Panel’s current powers and whether it can continue to exercise its functions in the manner intended by Parliament. The draft Bill is directed at those questions.

The Bill does not represent the concluded policy of either the Department of the Treasury or the Government. It is being circulated in order to obtain the views of interested parties.

Interested parties are invited to provide written comments on the draft Bill.

Comments will be treated as public and may be placed on the Treasury’s website. Please indicate if you do not want your submission to be made public.

Submission closing date: 5 October 2006

Address written comments to:

The Manager
Market Integrity Unit
Corporations and Financial Services Division
The Treasury
Langton Crescent
PARKES ACT 2600

Fax: 02 6263 2770

Email: corporationstakeoversbill@treasury.gov.au

Phone: 02 6263 2804