Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Foreign investment proposal- McNair Anderson Associates Pty Ltd



Download PDFDownload PDF

TREASURER

NO. *se

EMBARGO 9AM 7 NOVEMBER 1980

STATEMENT BY THE TREASURER, THE HON JOHN HOWARD, MP

FOREIGN INVESTMENT PROPOSAL MCNAIR ANDERSON ASSOCIATES PTY LTD

The Government has given approval under foreign investment

policy for the acquisition by AGB Research Australia Ltd of

the market research company McNair Anderson Associates Pty Ltd.

AGB Research (Aust) Ltd is a wholly-owned subsidiary of the UK

based AGB Research Ltd, which is involved in market research

throughout Europe.

The proposal was subject to the provisions of the Foreign Takeovers

Act 1975 and was considered against the background of existing

circumstances in the market research industry to determine whether

implementation of the proposal would result in net economic

benefits to Australia.

The Government considered that the proposal was not inconsistent

with its foreign investment policy because the loss of Australian

control of McNair Anderson would be more than offset by economic

benefits. They include increased competition, new customer services

and the introduction into Australia of improved research techniques.

Implementation of the proposal will also enable McNair Anderson

to expand its market research services into South East Asia.

2

A condition of the approval is for AGB to seek to secure

within six years, Australian equity of at least 40% in

McNair Anderson. The company will continue to be managed

by Australians.

The Government and the Foreign Investment Review Board gave

careful consideration to the views of third parties.

CANBERRA ACT 7 November 1980