20 Apr 2009

Takeover rules under review

6:37 am on 20 April 2009

The Takeovers Panel is seeking public submissions on the effect of takeovers of companies that have a controlling stake in New Zealand firms.

The issue arose recently when BG Group proposed a takeover of Origin Energy in Australia. Origin had a 51% shareholding in Contact Energy.

The panel says it wants a clear and transparent policy on dealing with "upstream takeovers" so that it can provide clarity on the rules and certainty to the market.

Submissions close on 12 June.