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Articles on Takeovers

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The Santos share price has slipped since its AGM in May and the board’s defence against a takeover is likely to face shareholder pressure if oil prices slide. David Mariuz/AAP

What impacts do takeover defences have on shareholders?

Australian companies have been employing many and varied takeover defences this year, including some that defy convention.
Woolworths’ attempt to takeover David Jones has raised questions about whether shareholder approval should be mandatory. Dan Himbrechts/AAP

Takeovers should require go-ahead from shareholders

The fastest growing sector in the economy today is not mining, retailing or even education. It’s superannuation, which accounts for almost 30% more than the total savings held by the banking and mutual…
Milk prices are more expensive in Canada than Australia, which makes WCB an attractive takeover target for Quebec-headquartered Saputo. dugspr/Flickr

Canada’s loss is Australia’s gain in Saputo bid for WCB

Canadian dairy giant Saputo Inc has lifted its stake in Warrnambool Cheese & Butter, as it creeps up the register following its A$504 million bid for Australia’s oldest dairy producer. Saputo is pitted…
James Packer’s raid on Echo Entertainment has put Australia’s takeover laws under the spotlight. AAP

ASIC’s review of creep provisions puts corporate raiders on notice

It’s been an interesting time for Australia’s corporate watchdog. Financial manoeuvres by Gina Rinehart and James Packer, which saw them increase their holdings in Fairfax Media and Echo Entertainment…
If she is unable to gain seats on the board, Gina Rinehart can still establish a control base by initiating a takeover of Fairfax and offering a premium to shareholders. AAP

Paying a premium could shore up Rinehart’s control of Fairfax

Fairfax Media Ltd’s constitution enables the board to allocate board places in addition to the existing directors up to the maximum number of directors allowed in the constitution - not more than 12 unless…
Certain obstacles - such as Fairfax’s 51% shareholding in New Zealand incorporated company Trade me - play a role in Gina Rinehart’s decision to lower her stake in Fairfax to 15%. AAP

What’s behind Gina Rinehart’s Fairfax sell-down?

Hancock Prospecting’s explanation for selling down to 15% of Fairfax suggests it is unlikely either to bid or sell down further in the short term. Its stated reason was to clear an obstacle - arising from…
The circumstances surrounding EB Private Equity’s takeover bid for David Jones were highly unusual. AAP

DJs takeover farce highlights issues surrounding continuous disclosure

It’s been an extraordinary week for upmarket retailer David Jones. Last Friday, the company announced that it had received a $1.65 billion takeover bid from UK firm EB Private Equity, and its shares rose…
There is more behind the Qantas lockout than short-term industrial disputes. AAP

Qantas is waving the Australian flag … goodbye

As the initial shock of the Qantas lockout of its workforce abates, it is time to consider the wider implications of this action. One lesson is the folly of national identification of companies that are…

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