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Foreign investment proposal: Proposed takeover of Ralph McKay Limited by Borg-Warner (Australia) Limited



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TREASURER

NO. 165f\

EMBARGO

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

FOREIGN INVESTMENT PROPOSAL '

PROPOSED TAKEOVER OF RALPH MCKAY LIMITED BY BORG-WARNER (AUSTRALIA) LIMITED

An Interim Order under the Foreign Takeovers Act has been

issued to allow a further period of up to 90 days for

examination of this proposal in terms of the Government's

foreign investment policy.

Borg-Warner (Australia) Limited proposes to acquire all the

issued capital of Ralph McKay Limited. Borg-Warner Corporation

of the US holds beneficial interests of 77 per cent and

30 per cent, respectively, in Borg-Warner (Australia) Limited and

Ralph McKay Limited.

The proposal raises a number of important issues under foreign

investment policy which require further detailed examination

by the Foreign Investment Review Board.

CANBERRA ACT 3 September 1981