BHP hearing
NZPA-AAP Melbourne The Victorian Supreme Court has temporarily suspended hearing a motion brought by BHP against the National Companies and Securities Commission pending legal discussions on whether Bell Resources, Ltd, be included in the proceedings.
Mr Douglas Graham, Q.C., for BHP submitted to Mr Justice Marks that variation of section 58 of the Companies Takeovers Code by the NCSC earlier this week was illegal and should be quashed.
Mr Justice Marks said he could not understand why BHP did not -agree it was having a “fight” with Bell Resources, Ltd, and not just the NCSC.
“There are two apparent gladiators, one the company (BHP) and the other the alleged raider (Bell),” he said.
Bell Resources could not be regarded as not having an interest in the outcome of yesterday’s proceedings. BHP is seeking the setting aside of the NCSC’s modification of the companies code, allowing the "multiplier” effect to be applied to Bell Resources’s partial take-over bid.
The NCSC move has been seen by analysts as significantly lifting Bell's chances of success.
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Press, 28 February 1986, Page 16
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174BHP hearing Press, 28 February 1986, Page 16
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