Takeovers Panel
UPSTREAM TAKEOVERS
A CONSULTATION PAPER ISSUED BY THE TAKEOVERS PANEL
April 2009
- INTRODUCTION
- BACKGROUND
- IDENTIFICATION OF THE PROBLEM
- Status quo
- Exemptions from the fundamental rule
- The Problems
- LEGAL COMPARISON
- Australia
- European Communities (EC)
- The chain principle in the United Kingdom, Hong Kong, Singapore and Thailand
- United Kingdom
- Hong Kong
- Singapore
- Thailand
- Germany
- POLICY OBJECTIVES
- OPTIONS AND ANALYSIS
- Introduction
- Option 1 - status quo: exemptions considered on a case by case basis
- Analysis of Option 1
- Option 2a - Class exemption relating to threshold and purpose test
- Analysis of Option 2a
- Option 2b - class exemption relating to 25% asset threshold and purpose test
- Analysis of Option 2b
- Option 2c - class exemption relating to 50% asset threshold, purpose test, and upstream acquisition in jurisdiction with comparable investor protection
- Analysis of Option 2c
- Option 3 - complete exemption
- Analysis of Option 3
- Option 4 - complete exemption except where "unacceptable circumstances", current Australian position
- Analysis of Option 4
- CONCLUSION
- SUBMISSIONS
- APPENDIX 1: UPSTREAM TAKEOVERS IN AUSTRALIA
- APPENDIX 2: THRESHOLD FOR GAINING CONTROL RELATING TO A MANDATORY BID IN THE EC COUNTRIES
- APPENDIX 3: QUESTIONNAIRE
Download the consultation paper as a PDF file (225 KB)
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