According to Business Spectator the preferred position of the Foreign Investment review Board is “stakes in undeveloped projects to be kept below 50 per cent, and significant producers below 15 per cent.”
Patrick Colmer, one of the four directors of the FIRB, spoke at a China-Australia investment forum in Sydney on Thursday, telling the audience that the government would prefer stakes in undeveloped projects to be kept below 50 per cent, and significant producers below 15 per cent.
The view was implied, somewhat, when the FIRB prevented Sinosteel’s bid for Murchison Metals Ltd from exceeding 50 per cent. However, the bid came on the back of a Sinosteel takeover of Murchison’s neighbour Midwest Corp Ltd and some would argue that, in this context, the FIRB simply had a problem with Sinosteel taking both companies.
Read the full story at Business Spectator
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