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Warning on challenges to panel.

Australasian Business Intelligence, August, 2006

Byline: Andrew Trounson

Aug 08, 2006 (The Australian - ABIX via COMTEX) -- University of Melbourne professor, Ian Ramsay, says new legislation may be required to preserve the role of Australia's Takeovers Panel. Ramsay, a corporate law expert and one of the 47 sitting members of the panel, said such action may be necessary if the panel's rulings continue to be challenged in court. The role of the panel is to prevent the parties involved in takeovers using the courts to delay or disrupt bids. Swiss company Glencore International succeeded in 2005 in having the Federal Court of Australia over-rule the panel in regards to the company's use of swaps during a takeover. Ramsay said the panel may have to advocate the introduction of new laws if Glencore's tactics...

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