PM Transcripts

4. AUSTRAII
PRIME MINISTER
FOR MEDIA 11 MARCH 1986
Takeovers of public companies are matters normally left to
the judgment of the market subject to compliance with the
takeovers code ( which is directed to investor protection and
fairness) and other relevant legislation.
The Government decided that, in the particular circumstances
of Bell's current takeover bid for BHP, a committee of
Ministers should hold detailed discussions with
representatives of each of the companies.
As a result of these discussions, the Government is
satisfied as to the future integrity of the Steel Plan.
Attached are copies of the relevant assurances provided by
both parties.
As to the revenue implications of the proposed takeover, the
Government does not believe, on all the information and
advice available to it, that there are any public interest
considerations presently apparent which would justify
intervention. In relation to the Trade Practices Act, nothing has emerged
which would lead the Government to change its position on
the amendment to section 50 which has passed the House of
Representatives and is now before the Senate.
It would not be appropriate for the Government to comment
further while the bid is before the market and related
issues are before the courts.