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Thursday, 27 April 1972
Page: 1378


Senator PROWSE (WESTERN AUSTRALIA) - The statement I wish to make is the interim report of the Senate Standing Committee on Industry and Trade. I present an interim report from the Standing Committee on Industry and Trade on the proposed takeover of Ansett Transport Industries Limited by Thomas Nationwide Transport Limited.

Since 13th April when the Senate directed this Committee to investigate the proposed takeover of Ansett Transport Industries Limited by Thomas Nationwide Transport Limited, the Committee has been heavily involved in preparing itself in relation to the matter under inquiry.

The Committee has already carried out a substantial amount of background work in relation to the matter before it and has availed itself of expert advice in areas of aviation, transport, industrial economics and relevant legislation.

The Committee commenced its public hearings on 26th April and they continued this morning. However, the Chairman of TNT, Mr K. W. Thomas, this afternoon stated to the Committee that the Directors of TNT made a decision today not to proceed with the proposed takeover. The relevant part of Mr Thomas's statement is as follows: 1 am informed that in the Victorian Parliament this morning a Bill was introduced which, I understand, has now passed the second reading. I am informed that there is a specific prohibition in that Bill of a takeover offer for Ansett Transport Industries Limited by Thomas Nationwide Transport Limited.

In the circumstances, our Directors have been consulted during the luncheon break and I have been authorised to state that the Directors of TNT have resolved not to proceed with the proposed takeover.

The Committee will report to the Senate in more detail within the 28 days specified in its reference, but takes this early opportunity to ask the concurrence of the Senate to agree to the Committee's suggestion not to continue further with its investigations under its existing terms of reference.







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