Takeovers Panel recommends tighter rules on amalgamations

The changes may restrict takeovers such as Transpacific Industries 2006 merger with Waste Management, which relied on section 13 of the Companies Act to succeed with just 75% support of shareholders. Section 13 has allowed M&A activity to skirt a requirement that companies covered by the Takeovers Code gain 90% shareholder support.

The recommendations would require changes to the code and the Companies Act, which the government is currently considering, according to a statement from the Takeovers Panel. A law change would be the culmination of a two year effort by the panel, which first sought the changes in August 2006.

By Jonathan Underhill

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

SPG - Retirement of Director Michelle Tierney
APL - AGM Date and Director Nominations
SKC - Resolution of Adelaide Independent Review
CMC Markets accredited as NZX Participant
June 18th Morning Report
PCT - Sale of PwC Tower to New Investment Partnership
MEL - Waitaki reconsenting receives final approval
June 15th Morning Report
Devon Funds Morning Note - 12 June 2026
June 11th Morning Report