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Foreign investment proposal Mitsubishi/ Chrysler Australia Ltd



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TREASURER

EMBARGO 2 c OOPM 30 APRIL 1980

STATEMENT BY THE ACTING TREASURER, THE HONOURABLE ERIC L. ROBINSON, MP

NO.

FOREIGN INVESTMENT PROPOSAL MITSUBISHI/CHRYSLER AUSTRALIA LTD

The Government has approved a foreign investment proposal

by the Japanese companies Mitsubishi Motor Corporation

and Mitsubishi Corporation to increase their joint

shareholding in Chrysler Australia Ltd from about 3k ° / o

to 1 00/o.

The proposal is essentially a foreigner to foreigner

transaction, as all but about 1 ° / o of the shares are being

bought from Chrysler Corporation of the US. .

In deciding to approve the proposal, the Government was

conscious of the continuing contribution made by the

Mitsubishi companies to the product range and operations

of Chrysler Australia Ltd. It also took account of the

effect of the proposal on the Government’s policy towards

the automotive industry and the likely benefit to the

South Australian economy.

The Mitsubishi companies have been requested to consult with

the Government before making any significant changes to the

operations of Chrysler Australia Ltd and also to consult

about the possibility of introducing Australian equity

into Chrysler Australia Ltd in the future.

CANBERRA ACT 30 APR 1980