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Wednesday, 30 October 1974
Page: 2117

Senator GRIMES (NEW SOUTH WALES) -Can the Minister representing the Treasurer tell us whether permission has been given for a foreign company, Ambreeds, to take over a New South Wales artificial breeding company? If so, was the Australian artificial insemination industry association asked for its views? Were the State and Australian Departments of Agriculture consulted? What was their advice? What were the conditions which led to the approval of this takeover?

Senator WRIEDT -The general answer to the question is yes, this firm was taken over by an American company, if my memory serves me correctly, but it was not without investigation by the Foreign Takeovers Committee. That was done some time early this year. The artificial breeding association submitted evidence to the Committee at that time. The matter was also referred to the New South Wales Government where, I believe, some objections were raised. Subsequently the Committee agreed that the takeover should be allowed to proceed subject to the normal financial restraints on foreign exchange being approved by the Reserve Bank of Australia. I think that is as much as I can tell the honourable senator.

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