Business Services Industry
Action needed on Alinta.
Australasian Business Intelligence, January, 2007
Byline: Alan Kohler
Jan 23, 2007 (The West Australian - ABIX via COMTEX) -- Unambiguous guidelines must be set for the behaviour of Australian company directors, related to management buy-outs. The Australian Securities & Investments Commission and possibly the Institute of Company Directors should look at the private equity bid for energy group Alinta as an example of what kinds of conflicts of interests can arise. Both the chair and CEO of the group were still acting in their respective roles when they launched the proposal, which was also not disclosed in any timely manner by the board. The part played by former Alinta adviser and now buy-out backer Macquarie Bank is another cause for concern. The original leveraged deal was planed by Goldman Sachs, but that...
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