Restricting foreign acquisitions of Australian enterprises: who benefits?

Mayanja, James (2012) Restricting foreign acquisitions of Australian enterprises: who benefits? Australian Business Law Review, 40 (6). pp. 398-409. ISSN 0310-1053

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.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Additional Information: Permanent restricted access to published version due to publisher copyright policy.
Faculty / Department / School: Historic - Faculty of Business and Law - School of Law
Date Deposited: 08 Jan 2013 07:21
Last Modified: 19 Aug 2014 00:12
Uncontrolled Keywords: takeovers; foreign business; control
Fields of Research : 15 Commerce, Management, Tourism and Services > 1503 Business and Management > 150308 International Business
15 Commerce, Management, Tourism and Services > 1502 Banking, Finance and Investment > 150205 Investment and Risk Management
18 Law and Legal Studies > 1801 Law > 180105 Commercial and Contract Law
Socio-Economic Objective: B Economic Development > 91 Economic Framework > 9101 Macroeconomics > 910199 Macroeconomics not elsewhere classified
B Economic Development > 91 Economic Framework > 9102 Microeconomics > 910205 Industry Policy
URI: http://eprints.usq.edu.au/id/eprint/22459

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