PM Transcripts

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PRIME MINISTER
STATHMRNT FROM THEl OFFICE OF THE PRIME MINISTER
FAIRFAX The Prime Minister has never given mr Black any promise
to support an increase to 35 per cent in his holding of
John Fairfax Limited.
During a meeting in November last year Mr Black made
clear his preference to achieve the highest possible
stake in Fairfax. In this context he indicated he would
prefer 35 per cent rather than 25 per cent.
The Prime Minister made it clear to Mr Black that while
the Government could not, of course, prevent him from
making further applications to increase his holding,
per cent would be the maximum achievable level.
This was borne out in the Cabinet decision of April
this year, when the ceiling was set at 25 per cent, and
when the Treasurer announced that no further increase
would be countenanced. This remains Government policy.
The stark difference between the positions of Mr Keating
and Dr Hewson is that the Keating Government has not at
any time contemplated allowing foreign interests to gain
majority ownership of Fairfax ( that is, a shareholding of
per cent or more), while Dr Hewson is reported by Mr
Black to have said he was " very relaxed about what our
( Black's) level of ownership would be."
CAkhEPJA November 25 1993