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Australia/New Zealand/Pacific and Transnational Organizations
Australia/New Zealand/Pacific and Transnational Organizations
The Treasurer's Dilemma
- Late March 2009: Australian Treasurer Wayne Swan is busily reviewing national accounts and supporting the banking system to minimize fallout from a hemorrhaging global economy. Confidence and commodity prices have plummeted, exposing many companies as takeover targets. Today, an important file appears from the Foreign Investment Review Board. It advises the following:
- Minmetals, fully owned by the Chinese government, proposes a 100%, US$1.3 billion buyout of the publicly listed Australian miner OZ Minerals.
- One of OZ Minerals’ mines, Prominent Hill, is in the Woomera Prohibited Area in South Australia, a weapons testing range sensitive to Australia's national defense.
- Swan must decide whether such a proposal is in the national interest. Influencing his ...
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