The Parliamentary Secretary to the Treasurer, Chris Pearce, has introduced the Corporations Amendment (Takeovers) Bill 2007 into Parliament.
The Bill responds to concerns, arising from the recent court cases
between Glencore and the Takeovers Panel, that the Panel might not have
the powers it needs to perform its role effectively.
The Bill specifies that the expression ‘a substantial interest’
will not be confined to a narrow set of interests. This will give the
Panel sufficient jurisdiction to intervene where appropriate. The Bill
also gives the Panel jurisdiction to intervene where circumstances are
unacceptable having regard to the statutory purposes of the takeovers