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Tuesday, 29 August 1972
Page: 758

Sir JOHN CRAMER (BENNELONG, NEW SOUTH WALES) - Would the Prime Minister make perfectly clear the attitude of the Government to the flow of international credit into this country and to the possibility of the international takeover of established industries?

Mr McMAHON - As to the last part of the honourable gentlemen's question I think that by subtle persuasion and by a clear indication of the fact that we do not like certain types of takeover we have been-

Mr Uren - You break my heart.

Mr McMAHON - You have not got one to break.

We have had a considerable amount of success. I mention the proposals by the International Telephone and Telegraphic Corporation to take over Frozen Food Industries Ltd which were dropped when the Government's attitude was made known. I mention the more recent proposals relating to the takeover of Kiwi International Ltd. Shortly after I expressed my view that it was not one that I favoured or the Government favoured that, too, was suspended. I can also refer to the Monier concrete case. There again proposals not for an international takeover but for a domestic takeover were also dropped.

It has been made clear by my colleague the Treasurer and by the AttorneyGeneral that the problem of monopolies is being investigated and that we will be introducing legislation as and when it can be produced. In that monopolies legislation we will be looking at the problem of takeovers, international and domestic, insofar as they might be against the public interest. As my colleague the Treasurer said in answer to a question one day last week, papers are now in the course of preparation - they have been almost completed - relating to private capital flows from overseas. We hope to have those papers before Cabinet soon. After they have been before Cabinet a statement relating to them will be made in this House.

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