FOREIGN – AUSTRALIA – REGULATION

Hanson warns against bid for gas pipelines

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 19-Sep-18

Cheung Kong Infrastructure’s $13 billion takeover of pipeline operator APA Group remains subject to approval by the Foreign Investment Review Board. However, One Nation leader Pauline Hanson opposes the deal, arguing that key infrastructure should remain locally-owned, whether by governments or the private sector. Hanson has vowed to campaign against the deal if it receives government approval, while Liberal senator Jim Molan has also called for the deal to be blocked.

CORPORATES
APA GROUP – ASX APA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, ONE NATION PARTY, LIBERAL PARTY OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, IFM INVESTORS PTY LTD, HUAWEI TECHNOLOGIES COMPANY LIMITED, CENTRE ALLIANCE

Backlash as foreign buyers flee

roymorgansocial Leave a comment

Original article by Matthew Cranston, Larry Schlesinger
The Australian Financial Review – Page: 1 & 29 : 11-Jan-18

South Australia was the only state that did not record a downturn in sales of residential properties to foreign buyers in the December quarter, according to a new ANZ/Property Council survey. Property developers say factors such as restrictions on access to credit and higher taxes on foreign buyers have contributed to the downturn in demand, and prompted some developers to withdraw from the residential market. Meriton founder Harry Triguboff says his company is having to resell many apartments that had been pre-sold to Chinese buyers.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, PROPERTY COUNCIL OF AUSTRALIA LIMITED, MERITON APARTMENTS PTY LTD, REALESTATE.COM.AU, REA GROUP LIMITED – ASX REA, CROWN GROUP PTY LTD, UBS HOLDINGS PTY LTD, AUSTRALIAN LABOR PARTY, LEND LEASE GROUP LIMITED – ASX LLC, AUSTRALIAN BUREAU OF STATISTICS

FIRB tick for Ten takeover

roymorgansocial Leave a comment

Original article by Dana McCauley
The Australian – Page: 19 : 24-Oct-17

CBS Corporation’s acquisition of the Ten Network has cleared a key hurdle, with the Foreign Investment Review Board advising that it will not oppose the deal. The Supreme Court of New South Wales is scheduled to commence a hearing on the deal in late October, and small shareholders David Gubbay and Yunfeng Du are expected to challenge the transfer of Ten’s shares to CBS.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, SUPREME COURT OF NEW SOUTH WALES, KORDA MENTHA AND COLLEAGUES PTY LTD, KPMG AUSTRALIA PTY LTD, 21ST CENTURY FOX INCORPORATED

Different rules for Rinehart, say farmers

roymorgansocial Leave a comment

Original article by Sue Neales
The Australian – Page: 5 : 25-Oct-16

BBHO syndicate member Sterling Buntine fears that its $A386 million bid for S. Kidman & Company will not be treated fairly by the board. Buntine stressed that a rival bid from Gina Rinehart’s Hancock Prospecting and Shanghai CRED is inferior on two counts, namely being lower at $A365 million and requiring approval from the Foreign Investment Review Board.

CORPORATES
S KIDMAN AND COMPANY PTY LTD, HANCOCK PROSPECTING PTY LTD, SHANGHAI CRED REAL ESTATE STOCK COMPANY LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, BBHO

Rinehart swoops on Kidman

roymorgansocial Leave a comment

Original article by David Crowe, Sarah-Jane Tasker
The Australian – Page: 1 & 2 : 10-Oct-16

Australian businesswoman Gina Rinehart has submitted a $A365m bid to acquire S Kidman & Company in partnership with China-based Shanghai CRED. Rinehart’s Hancock Prospecting would have a 67 per cent stake in the rural property empire, a move that has the support of Senator Nick Xenophon and One Nation’s Pauline Hanson. Shanghai CRED was a member of the Chinese consortium whose bid to acquire Kidman was blocked on national interest grounds earlier in 2016.

CORPORATES
S KIDMAN AND COMPANY PTY LTD, HANCOCK PROSPECTING PTY LTD, SHANGHAI CRED REAL ESTATE STOCK COMPANY LIMITED, NICK XENOPHON TEAM, ONE NATION PARTY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, DAKANG AUSTRALIA HOLDINGS PTY LTD, PORT ADELAIDE FOOTBALL CLUB

Chinese firm exits Kidman bid group

roymorgansocial Leave a comment

Original article by Kylar Loussikian
The Australian – Page: 21 : 26-Aug-16

Dakang Australia’s hopes of gaining Federal Government approval for the acquisition of S. Kidman & Company may be boosted by Shanghai CRED Real Estate’s decision to withdraw from the consortium. Shanghai Pengxin will now be able to seek an additional Australian partner for the consortium, which might be sufficient to allay the national interest concerns which prompted the sale of Kidman to be blocked.

CORPORATES
S KIDMAN AND COMPANY PTY LTD, DAKANG AUSTRALIA HOLDINGS PTY LTD, SHANGHAI CRED REAL ESTATE STOCK COMPANY LIMITED, SHANGHAI PENGXIN GROUP COMPANY LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, ERNST AND YOUNG, CAPITAL HILL ADVISORY, GENIUS LINKS ASSET MANAGEMENT, AUSGRID PTY LTD, STATE GRID CORPORATION OF CHINA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, CONSOLIDATED PASTORAL COMPANY PTY LTD, SHANGHAI ZHONGFU GROUP COMPANY LIMITED, VAN DIEMEN’S LAND COMPANY

Linfox still in hunt for Kidman

roymorgansocial Leave a comment

Original article by Samantha Hutchinson
The Australian – Page: 4 : 23-Aug-16

Lindsay Fox’s logistics group Linfox is still interested in acquiring S Kidman & Company. The sale process has been complicated by the decision of the Foreign Investment Review Board to block the sale of the pastoral empire to Chinese buyers. Ray White rural agent Bruce Gunning says government interference has resulted in the politicisation of transactions in the rural property market.

CORPORATES
S KIDMAN AND COMPANY PTY LTD, LINFOX PTY LTD, SHANGHAI PENGXIN GROUP COMPANY LIMITED, GENIUS LINK ASSETS MANAGEMENT LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, RAY WHITE RURAL, VICTOR SMORGON GROUP, CAPITAL HILL ADVISORY PTY LTD

Beijing to Canberra: expect investments to be scaled back

roymorgansocial Leave a comment

Original article by Glenda Korporaal, Andrew White
The Australian – Page: 1 & 2 : 17-Aug-16

China’s embassy in Australia has expressed concern that the Federal Government’s decision to block Chinese bids for Ausgrid and S Kidman & Company may signal a shift toward protectionism in Australia. The embassy says the rulings may deter Chinese companies from investing in Australia. The Government cited national security concerns as the reason for its preliminary decision to block the Ausgrid bids of State Grid and Cheung Kong Infrastructure.

CORPORATES
AUSGRID PTY LTD, S KIDMAN AND COMPANY PTY LTD, STATE GRID CORPORATION OF CHINA, CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, TRANSGRID, ELECTRANET SA, SHANGHAI PENGXIN GROUP COMPANY LIMITED, OZ MINERALS LIMITED – ASX OZL, CHINA MINMETALS CORPORATION

ADM beats a retreat on GrainCorp

roymorgansocial Leave a comment

Original article by Sue Neales, Gretchen Friemann
The Australian – Page: 19 & 23 : 27-Jul-16

There has been a lukewarm response to the offmarket sale of Archer Daniels Midland’s 19.85 per cent stake in Australian-listed GrainCorp. ADM failed to attract interest in the shareholding when it was offered via Lazard on 26 July 2016. The Federal Government blocked ADM’s takeover bid for GrainCorp in late 2013, ruling that the deal was not in the national interest. ADM’s move to divest its stake may have been prompted by the Government’s continued tough stance on foreign ownership of agricultural assets, particularly given the National Party’s increased influence in cabinet following the federal election.

CORPORATES
GRAINCORP LIMITED – ASX GNC, ARCHER DANIELS MIDLAND COMPANY, NATIONAL PARTY OF AUSTRALIA, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, SHANGHAI PENGXIN GROUP COMPANY LIMITED, S KIDMAN AND COMPANY PTY LTD, LAZARD PTY LTD, UBS HOLDINGS PTY LTD, GOLDMAN SACHS AUSTRALIA GROUP HOLDINGS PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, CBH LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Overseas companies ‘can game the system’

roymorgansocial Leave a comment

Original article by Joe Kelly
The Australian – Page: 6 : 10-Jun-16

The Australian Labor Party’s proposal to increase the threshold for offshore investment in agricultural land has been criticised by Treasurer Scott Morrison. Labor would require purchases of farmland valued at $A50m or more to be approved by the Foreign Investment Review Board, but Morrison contends that offshore buyers would seek to avoid this by acquiring land for $A49m. Agriculture Minister Barnaby Joyce has also criticised Labor’s proposal to lift the threshold for foreign investment in the agribusiness sector to $A1bn.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIA. DEPT OF AGRICULTURE AND WATER RESOURCES, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY