NCSC blocks Bell

Press, 6 January 1987, Page 23

NCSC blocks Bell

NZPA-AAP Melbourne The National Companies and Securities Commission has amended take-over legislation to block any possibility of Bell Group Ltd, acquiring BHP shares held by Elders IXL without making an offer to all BHP shareholders.

In a statement released to the stock exchange yesterday, the NCSC said it

had used its discretionary power under section 58 of the Victorian companies Code to delete sub-section 9(5), removing any imputation that Bell would have a deemed relevant interest in Elders’ BHP shares.

The commission said it might previously have been possible to argue that Bell could acquire Elders’ shares in BHP

without breaching the code, as a result of agreements between BHP and Bell, and BHP and Elders. “However, in the NCSC’s view, such a result would be inconsistent with both the letter and spirit of the agreements entered into by the parties, as manifested by the statements made at the time of the agreements.” the statement said.