The Treasurer has released an exposure draft Corporations Amendment (Takeovers) Bill 2006 for public comment until 5 October 2006.

The Bill will amend provisions in Chapter 6 of the Corporations Act 2001 which relate to takeovers and the powers of the Takeovers Panel.

Two
recent decisions ( Glencore International AG v Takeovers Panel[2005] FCA 1290 and Glencore International AG v Takeovers Panel [2006] FCA 274)restricted when and in what circumstances the Takeovers Panel could act. The Explanatory Statement sets out the effect of the proposed changes in response to those decisions.

Written comments on the draft Bill may be made until 5 October 2006.