Federal Register of Legislation - Australian Government

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This order prohibits the proposed acquisition by Cheung Kong Infrastructure Holdings Limited et al of a 50.4 per cent interest in the assets of AusGrid.
Administered by: Treasury
Registered 23 Aug 2016

 

COMMONWEALTH OF AUSTRALIA

Foreign Acquisitions and Takeovers Act 1975

 

ORDER UNDER SUBSECTION 67(2)

 

WHEREAS —

(A)        On 15 April 2016 and 10 May 2016, Cheung Kong Infrastructure Holdings Limited, Power Assets Holdings Limited, CK Hutchinson Holdings Limited and Cheung Kong Property Holdings Limited gave notice under the Foreign Acquisitions and Takeovers Act 1975 (the Act) that they propose to acquire a 50.4 per cent interest in the assets of the Ausgrid electricity network (the proposed acquisition);

(B)         I am satisfied that the proposed acquisition would be a significant action under one or more of the following provisions:

a.       under section 41 of the Act, as involving the acquisition of interests in assets of an Australian business; or

b.      under section 41 of the Act, as involving the entering into of a significant agreement with an Australian business; or

c.       under section 43 of the Act, as involving the acquisition of an interest in Australian land;

(C)         I am satisfied that taking the significant action would be contrary to the national interest.

NOW THEREFORE

I, THE HON SCOTT MORRISON MP, Treasurer of the Commonwealth of Australia, hereby make an order in accordance with items 5, 6 and 8 of the table in subsection 67(2) of the Act, PROHIBITING: the whole of the proposed acquisition and the entering into of the significant agreement (as the case requires).

 

Dated: 19th August 2016

 

 

 

 

SCOTT MORRISON

Treasurer