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Swain gives an update on the Takeovers Code

14 March 2002 Media Statement

Swain gives an update on the Takeovers Code

Commerce Minister Paul Swain says in the short time the Takeovers Code has been up and working it has proved its worth.

The Takeovers Code came into effect last July – its intention was to ensure that small investors get fair treatment in takeovers situations and to improve overseas perceptions of our market.

Paul Swain today told a Butterworths seminar on the Takeovers Code that industries are telling the government that the code is working.

“Industry feedback on the effectiveness of the code since its implementation has been generally very supportive,” Paul Swain said.

“Incidents such as the Lion Nathan takeover of Montana Wines have illustrated how the Code has provided a more transparent and certain process in takeover situations. In that case the Takeovers Panel proved very effective in enforcing the Code.

“The Takeovers Code is part of the government’s three three-part reform package of securities laws including the introduction of a Takeovers Code, the introduction of the Securities Markets and Institutions Bill; and a fundamental review of securities trading laws,” Paul Swain said.


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