Glencore International AG & Anor v Takeovers Panel & Ors [2005] FCA 1290

FEDERAL COURT OF AUSTRALIA

Glencore International AG & Anor v Takeovers Panel & Ors [2005] FCA 1290 CORPORATIONS – review of decision of Takeovers Panel – validity of Panel's decision to make declaration and orders– declaration of unacceptable circumstances – need for determination of effect of circumstances on control or acquisition of substantial interest – remedial orders – need to identify rights and interests to be protected – whether declaration of unacceptable circumstances and remedial orders is exercise of judicial power Australian Securities and Investments Commission Act 1989 (Cth) s171 Australian Securities and Investments Commission Act 2001 (Cth) Corporations Act 2001 (Cth), ss 602, 657A, 657C, 657D, s657F, 657EA, s659B Financial Services Reform Act 2001 (Cth), schedule 3 Judiciary Act 1903 (Cth), s39B Precision Data Holdings Ltd v Wills (1991) 173 CLR 167- referred to GLENCORE INTERNATIONAL AG & ANOR V TAKEOVERS PANEL & ORS NSD1301 of 2005 EMMETT J 14 SEPTEMBER 2005 SYDNEY

IN THE FEDERAL COURT OF AUSTRALIA

NEW SOUTH WALES DISTRICT REGISTRY NSD1301 OF 2005

BETWEEN: GLENCORE INTERNATIONAL A.G.

ACN 114 271 055

FIRST APPLICANT

FORNAX INVESTMENTS LTD

SECOND APPLICANT

AND: IAN RAMSAY, NORMAN O'BRYAN and DAVID GONSKI in their capacity as members of the TAKEOVERS PANEL

FIRST RESPONDENT

CENTENNIAL COAL COMPANY LIMITED

ACN 003 714 538

SECOND RESPONDENT

AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

THIRD RESPONDENT

AUSTRAL COAL LIMITED ACN 069 071 816

FOURTH RESPONDENT

CREDIT SUISSE FIRST BOSTON INTERNATIONAL

ACN 062 787 106

FIFTH RESPONDENT