Take-over policy 'not inflexible’

Press, Volume CXV, Issue 33776, 24 February 1975, Page 7

Take-over policy 'not inflexible’

(N.Z.P A. Staff Correspondent

LONDON

The Prime Minister (Mr Rowling) has assured the City of London that his Government’s policy towards foreign take-overs is not inflexible.

Although it had taken a more stringent attitude than jthe previous National Gov- ; ernment, at least 80 per cent lof applications had been approved, he said.

i In a speech at the Manision House, Mr Rowling said 'that between 25 and 30 per cent of total company assets j in New Zealand were in for,eign hands. ' “I have stated previously that this level of foreign : ownership is too high in relation to our aspiration to ( be an independent nation, initiating and shaping our own economic future. “But I have also made it clear that the remedy is not to forgo the advantages of

foreign capital and technology, but for New Zealanders to build up their j own strengths with greater energy and to greater pur-1 pose.

! “Our individual strategy! I has that aim in view.” | The Prime Minister said (that the very significance of, 1 the role of private foreign. I capital had led successive ‘ I Governments to apply .'Selective controls for nearly, 30 years. “The controls have been there as much to ensure that individual proposals are consistent with our national interests as to limit the; : level of inflow," he said. 1