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Foreign investment proposal: Glaxo Australia Proprietary Limited/The Pub Squash Company Pty Ltd



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TREASURER

EMBARGO

PRESS RELEASE NO. 93

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

FOREIGN INVESTMENT PROPOSAL

GLAXO AUSTRALIA PROPRIETARY LIMITED/THE PUB SQUASH COMPANY PTY LTD

The Government has approved a foreign investment proposal by

the wholly UK owned Glaxo Australia Pty Ltd to acquire the r . " ■

business of The Pub Squash Company Pty Ltd, an Australian

owned soft-drink manufacturer. .

The proposal comes within the scope of the Foreign Takeovers

Act and has been examined, against the criteria laid down

under foreign investment policy, to ensure that it is not

contrary to the national interest.

The Pub Squash business has been in receivership for over

18 months. Glaxo plans new investment in the business and

would maintain employment. The proposal would also maintain

competition in the soft-drink industry.

The business has been advertised for sale and any interested

Australians have had adequate opportunities to negotiate with

the Receivers and Managers. .

2

The Government notes that the decision as to whether or not

to accept the Glaxo proposal ultimately rests with the

secured and unsecured creditors of Pub Squash.

CANBERRA ACT 1 June 1981