T.N.T. withdraws bid for Ansett

Press, Volume CXII, Issue 32902, 28 April 1972, Page 15

T.N.T. withdraws bid for Ansett

<N.Z. Pres. Association— Copyright)

CANBERRA, April 27. The chairman of Thomas Nationwide Transport, Ltd, (Mr K. Thomas) told the Senate Committee inquiring into his take-over offer for Ansett Transport T ~dustries, Ltd, today that his company had now resolved not to proceed with the offer.

Mr Thomas read a prepared statement to the committee—after proceedings had been delayed for more than two hours.

When the public hearing resumed this afternoon, the managing director of T.N.T. (Sir Peter Abeles) told the Senators he would like Mr Thomas to be sworn in to make a statement. Mr Thomas said: “I am informed that in the Victorian Parliament this morning a bill was introduced which, I understand, has now passed the second reading. “I am informed that there is a specific prohibition in that bill of a take-over offer for Ansett Transport Industries by Thomas Nationwide Transport.” Mr Thomas said: “In the circumstances, our directors have been consulted during the luncheon break, and I have been authorised to state that the directors of T.N.T. have resolved not to proceed with the proposed take-over. "Thomas Nationwide Transport is an Australian company which has sought to serve the interests of Australia at home and abroad during its 20 years of existence. “Like any successful company, it has attracted some overseas shareholders who are prepared to invest in a successful Australian controlled company; it is not and has not been financed from non-Australian sources. “It acts in the best interests of its shareholders, and of Australia.” Mr Thomas said: “We believe that our intended offer was in the best interests of

Australian transport users, of the shareholders and staff of Ansett Transport Industries, and of the shareholders and staff of Thomas Nationwide Transport. “Notwithstanding the withdrawal of our offer, we hope that the management of Ansett will recognise the advantages which can flow on to the public and to both companies by a close working relationship between our two companies.

“We remain ready to cooperate for everyone’s benefit.” The chairman of the committee (Senator Prowse) excused Mr Thomas and said the committee had decided not to proceed with its inquiry.

“It remains for me as chairman to thank you for the great co-operation you have given, and the time you have devoted to us,” he said. Last night in Melbourne, the Victorian Government “froze” the proposed takeover of A.T.I. by T.N.T.

T.N.T. earlier this month made a cash and paper offer

worth more than $65 million for A.T.1., which has airline, television, ground transport, and resort interests.

Victoria’s premier (Sir Henry Bolte) moved in the Legislative Assembly that a select committee inquire into the desirability of the proposed take-over scheme. His Government will appoint a committee immediately to bring down a report before November 30— thus in effect “freezing” the take-over until that date.

Sir Henry Bolte said the inquiry was essential because of the impotrance of A.T.I. Before T.N.T.’s dramatic withdrawal today, the Victorian Legislative Assembly had rushed through legislation blocking the take-over bid.

The legislation was introduced by the Attorney General (Mr Reid), and was supported by the Labour and Country parties. Mr Reid had asked members to give the bill a speedy passage, and it passed all stages in the legislative assembly in 13 minutes.