Tuesday October 23 2012

News Source: Global Disclosures

Focus: Foreign Investment

Type: Correspondence with Regulators

Country: Australia




The Foreign Investment Review Board has responded to a query on the application of the Foreign Acquisitions and Takeovers Act to Australia portfolio investment as follows:

“On the rules of the Foreign Acquisitions and Takeovers Act 1975 apply equally to all Australian companies whether they are listed or unlisted. This means a foreign person would need to seek approval prior to acquiring an interest greater than 15 per cent in an Australian company valued at more than $244 million. Portfolio investments that are less than 15 per cent of a listed company do not require approval.”