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Takeovers Code Bill Passed

Friday, 11 May 2001, 9:13 am
Press Release: New Zealand Government

10 May 2001 Media Statement

Takeovers Code (Implementation and Enforcement) Bill Passed

Commerce Minister Paul Swain has welcomed the passage of the Takeovers Code (Implementation and Enforcement) Bill saying it is essential for the Takeovers Panel to be able to do its job.

The Bill needed to be passed by 1 June 2001, before the Takeovers Code comes into force, so that the Panel will have support staff and be able to implement and enforce the Code.

"The Bill and the Takeovers Code are important in achieving a workable and effective takeovers regime in New Zealand and in increasing confidence for both domestic and overseas investors in our market," Paul Swain said

ENDS

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