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Takeovers Code To Be Implemented

The Government intends to implement a takeovers code as soon as possible to ensure that small investors get fair treatment in takeovers situations and to improve overseas perceptions of our market Commerce Minister Paul Swain said today.

“We want to ensure that our takeovers code is the best code possible. In order to achieve this result, it is anticipated that technical amendments will be made to the 1995 Takeovers Code in light of changes in the New Zealand market over the last five years and overseas experience with takeovers regulation”.

Mr Swain said that it is government's intention to return the 1995 Code to the Takeovers Panel to carry out this process of technical amendment, and it is expected that the Panel will consult with market participants on possible amendments to the code.

"This consultation is on technical aspects of the code, it is not on whether there will be a code," he said.

Once the government is satisfied with the proposed amendments it will move to implement the code as soon as possible.

ends

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