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Tougher rules for foreign buyers

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Foreign buyers will be slapped with tougher rules to prevent them acquiring Australian companies during the coronavirus crisis amid plunging share prices and fears of predatory takeovers.

Treasurer Josh Frydenberg has  moved to slash a key takeover threshold from $1.2 billion to zero in order to ensure any overseas bid could be blocked at his discretion after scrutiny by federal officials.

Mr Frydenberg said the agency that screens takeover bids from offshore, the Foreign Investment Review Board (FIRB), would also extend the deadlines for existing and new applicants from 30 days to six months.

https://www.smh.com.au/politics/federal/foreign-buyers-face-scrutiny-on-every-bid-after-sharemarket-slump-20200329-p54f1s.html

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By Lynn Wood

30 March 2020

 
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