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Foreign investment proposal: Tate and Lyle and Bundaberg sugar



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TREASURER

PRESS RELEASE NO. 4

EMBARGO STATEMENT BY THE TREASURER, THE HON. J.C. KERIN, MP

FOREIGN INVESTMENT PROPOSAL: TATE AND LYLE AND BUNDABERG SUGAR

The Treasurer has raised no objections to a foreign investment proposal by the UK controlled Tate and Lyle PLC, through its wholly owned Australian subsidiary Tate & Lyle Australia Pty Ltd, to acquire all the issued share capital of

Bundaberg Sugar Company Limited of Queensland.

This proposal has been the subject of an interim order under the Foreign Acquisitions and Takeovers Act 1975 which blocked the on-market bid by Tate & Lyle for a period of ninety days from 29 April 1991 to allow the Government more time to consider the implications of the proposal.

The Treasurer has signed an Order under the Foreign Acquisitions and Takeovers Act revoking the Interim Order. The revocation order will be published in the Commonwealth

Gazette shortly.

Under the Government’s foreign investment policy, proposals to acquire manufacturing and primary industry businesses are normally approved without the need to show net economic benefits provided they are judged not contrary to the national interest.

The Treasurer is satisfied that the Tate & Lyle proposal is not contrary to the national interest.

The Queensland Government and the Trade Practices Commission were consulted during consideration of the proposal. In reaching his decision, the Treasurer also took into account representations from the Queensland Sugar Cane Growers and

Bundaberg Sugar Co Ltd.

CANBERRA ACT 11 June 1991