Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Cemex Australia Pty Ltd v Takeovers Panel [2009] FCAFC 78
CORPORATIONS – application for review of declaration of unacceptable circumstances and orders made by Takeovers Panel – whether Panel bound to consider whether conduct amounted to a contravention of the Corporations Act 2001 (Cth) – whether Panel erred in construction of bidder's statement and later documents – whether there was evidence before the Panel to justify a finding that the market was misinformed – whether Panel could make orders affecting group of shareholders in absence of evidence as to individual loss by shareholders – whether orders involved an impermissible delegation of power to the Australian Securities and Investment Commission – appeal dismissed.
Australian Securities and Investment Commission Act 2001 (Cth), s 11(2)(a) Corporations Act 2001 (Cth), ss 602, 657A, 657D, 670A, 1041H Corporations Amendment (Takeovers) Act 2007 (Cth)
Attorney-General (Cth) v Alinta Ltd Limited (2008) 233 CLR 542 followed Australian Broadcasting Tribunal v Bond(1990) 170 CLR 321 referred to Australian Pipeline Ltd v Alinta Ltd (2006) 237 ALR 158 referred to Australian Pipeline Ltd v Alinta Ltd (2007) 159 FCR 301 referred to Australian Retailers Association v Reserve Bank of Australia (2005) 148 FCR 446 referred to Australian Securities and Investments Commission v Edensor Nominees Pty Limited (2001) 204 CLR 559 referred to Australian Securities and Investments Commission v Yandal Gold Pty Ltd (1999) 32 ACSR 317 referred to Collector of Customs v Agfa-Gevaert Ltd (1996) 186 CLR 389 referred to Ex parte Forster; Re University of Sydney [1963] SR (NSW) 723 referred to Federal Commissioner of Taxation v St Helens (ACT) Pty Ltd (1981) 146 CLR 336 referred to Glencore International AG v Takeovers Panel (2006) 151 FCR 77 referred to Marks v GIO Australia Holdings Ltd (1998) 196 CLR 494 referred to Minister for Aboriginal Affairs v Peko Wallsend Ltd (1986) 162 CLR 24 referred to Re Reference under Section 11 of the Ombudsman Act 1976 for an Advisory Opinion; Ex parte Director-General of Social Services (1979) 2 ALD 86 referred to
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