anz and asic

  1. 4,131 Posts.
    The bank claims, under its loan agreement, that it has owned the shares ever since it lent the cash. So why didn't it disclose these holdings? And why didn't the stock exchange query the ownership?

    Worse still are the holdings of more than 20 per cent. Under the takeover code, no one can buy more than 19.9 per cent of company without launching a takeover bid. That's the law.

    So the questions remain. Will the ANZ launch a dozen takeover bids in the next few days for a clutch of small mining exploration companies? And will the regulators, including the Australian Securities and Investments Commission, launch the appropriate action against the bank for breaching the law? Probably not.
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.