The paper "Approval of Government Through FIRB, Australian Gas Light Company " is an outstanding example of a business assignment. he transaction requires the approval of the Government through FIRB. According to the Australian prior approval foreign investment policy 2007. The proposed foreign purchases of Australian business calling for a substantial interest ie. More than 15% constitutes a big proposal. Such a big proposal, necessitate prior approval of the Government through FIRB. B. Yes, Bluegum needs the approval to acquire Acacia as the TPA constraints the further acquisitions in Australia. It will make a formal application, under section 88(9) to ACCC for approval. The purpose of the application is to obtain clearance that the proposed acquisition is not anti-competitive.
It is an informal process that helps ACCC to better deal with any existing competitive concerns or business issues. Alternatively, as per the latest amendments, Bluegum can follow an optional formal notification procedure for a formal clearance. It makes ACCC takes 40 business days to make a decision Advantage of informal clearance process: It is a relatively fast process; and It is an economical process. C. What Blue gum can do? Under the Part 6C. 2, with the heading “ Tracing beneficial ownership of shares” , section 672A deals with the disclosure notices.
In the present case, Bluegum, which is a listed company has the power to direct the named beneficial owners to disclose their identities. Also, blue gum can also ask ASIC to exercise its powers to make the beneficial owners disclose their identities under Section 672B requiring them to render full details of their own relevant interest in the shares or interests in the scheme and of the circumstances that give rise to that interest, along with the name and address of each other person who has a relevant interest, giving the nature and extent of the interest and the circumstances that give rise to the other person’ s interest and such other information. D.
The relevant interest of Raider Inc. ’ s total sum of interests of the nominee investors (4.9%), portfolio managers (4.5%) and nominee custodian (4%) constituting 13.4%. The substantial holding in Bluegum belongs to Origami that owns a share of 18% in total.