Restricting foreign acquisitions of Australian enterprises: who benefits?

Article


Mayanja, James. 2012. "Restricting foreign acquisitions of Australian enterprises: who benefits?" Australian Business Law Review. 40 (6), pp. 398-409.
Article Title

Restricting foreign acquisitions of Australian enterprises: who benefits?

ERA Journal ID33106
Article CategoryArticle
Authors
AuthorMayanja, James
Journal TitleAustralian Business Law Review
Journal Citation40 (6), pp. 398-409
Number of Pages12
Year2012
Place of PublicationSydney, Australia
ISSN0310-1053
Web Address (URL)http://www.westlaw.com.au/maf/wlau/app/document?docguid=I3beec12834f911e28abce6b64809e9e1&tocDs=AUNZ_AU_JOURNALS_TOC&isTocNav=true
Abstract

Takeover transactions, whether initiated by local or foreign entrepreneurs, have the potential to promote and enhance shareholder and social welfare. Considering this, it is arguable that the rules affecting the control of Australian enterprises would serve the interests of investors in companies and the economic order of society generally better if they functioned so as to facilitate takeover activity by all persons operating within the law. The legal regime presently governing foreign takeovers potentially discourages foreign business interests from mounting bids to acquire control of Australian companies. To the extent it does so, current law is apt to hurt social and shareholder welfare. This is undesirable. There is thus need to reform the law, with a view to assisting more foreign takeovers to occur. This paper explores ways in which the law could be improved to achieve this objective.

Keywordstakeovers; foreign business; control
ANZSRC Field of Research 2020350706. International business
350208. Investment and risk management
480699. Private law and civil obligations not elsewhere classified
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Byline AffiliationsSchool of Law
Institution of OriginUniversity of Southern Queensland
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