World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

Government to Acquire Shares in the Submarine Corp

Government to Acquire Shares in the Submarine Corporation

MEDIA RELEASE

THE HON. JOHN MOORE, MP Minister for Defence

Senator The Hon Nick Minchin
Minister for Industry, Science & Resources

The Hon. John Fahey Minister for Finance & Administration

Monday, 26 June 2000 MIN148/00

Government to Acquire Shares in the Australian Submarine Corporation

The Federal Government today announced that it would acquire the remaining shares in the Australian Submarine Corporation (ASC), subject to achieving a satisfactory outcome on price.

The Government's intention is that the company be restructured to implement more sustainable arrangements for the future support of the Collins Class submarines and facilitate its onward sale.

The decision follows the review of options for the future ownership of ASC by the Department of Defence, and the Office of Asset Sales and IT Outsourcing (OASITO), assisted by the firms N M Rothschild (Australia) Limited, and Blake Dawson Waldron.

The decision to acquire the remaining shares in ASC reflects the importance the Government attaches to ensuring the best possible arrangements for bringing the Collins Class submarines to a fully operational state, and supporting them throughout their operational life.

The Government is keen to pursue the benefits of full private ownership of ASC. It recognises the considerable skills base that has been established at ASC and the company's importance to South Australia. ASC is expected to have a close, ongoing relationship with the Design Authority for the submarines, Kockums AB, and its new parent, Howaldtswerke-Deutsche Werft AG (HDW), whose cooperation and support have been welcomed by the Australian Government.


ENDS

© Scoop Media

 
 
 
World Headlines

 

Gordon Campbell: Zimbabwe - Meet The New Bosses

At 75, Mnangagwa is not exactly what you’d call a new broom. As many observers have pointed out, his track record has been one of unswerving dedication to Mugabe ever since the days of anti-colonial insurgency... To these guys, things had to change in Zimbabwe, so that things could remain the same. More>>

ALSO:

Gordon Campbell: Is This Guy The World’s Most Dangerous Thirtysomething?

Saudi Arabia has long been regarded as a pillar of stability in the Middle East, and is the essential caterer to the West’s fossil fuel needs. It is also the country that gave us Osama Bin Laden, al Qaeda, and 15 of the 19 terrorists who carried out the 9/11 attacks... More>>

ALSO:

Non-Binding Postal Vote: Australia Says Yes To Same Sex Marriage

Binoy Kampmark: Out of 150 federal seats, 133 registered affirmative totals in returning their response to the question “Should the law be changed to allow same-sex couples to marry?”. More>>

ALSO:

Bonn Climate Change Conference: Protecting Health In Small Island States

The vision is that, by 2030, all Small Island Developing States will have health systems that are resilient to climate change and countries around the world will be reducing their carbon emissions both to protect the most vulnerable from climate risks and deliver large health benefits in carbon-emitting countries. More>>

ALSO: