10 May 2001 Media Statement
Takeovers Code (Implementation and Enforcement) Bill Passed
Commerce Minister Paul Swain has welcomed the passage of the Takeovers Code (Implementation and Enforcement) Bill saying
it is essential for the Takeovers Panel to be able to do its job.
The Bill needed to be passed by 1 June 2001, before the Takeovers Code comes into force, so that the Panel will have
support staff and be able to implement and enforce the Code.
"The Bill and the Takeovers Code are important in achieving a workable and effective takeovers regime in New Zealand and
in increasing confidence for both domestic and overseas investors in our market," Paul Swain said
ENDS