National Can Industries 01 – Initial Panel Published Reasons [21/11/2003] The Takeovers Panel

Friday, 21 November 2003

NATIONAL CAN INDUSTRIES O1: INITIAL PANEL PUBLISHES REASONS

The Takeovers Panel has today published the reasons for the decision of the Initial Panel in the proceedings (the Proceedings) relating to National Can Industries Limited (NCI).

The Proceedings arose from an application made on 19 September 2003 by Visy Industrial Packaging Holdings Pty Ltd (VIPH) in relation to the affairs of NCI. The Proceedings concluded following acceptance by the Panel of undertakings provided by NCI and ESK Holdings Pty Ltd (ESK). The conclusion of the Proceedings was announced on 17 October 2003 in Panel media release TP 03/102.

As previously announced on 21 October 2003 in Panel media release TP 03/103, the decision of the Initial Panel was the subject of an application for review. The Review Panel announced on 17 November 2003 (see Panel Media Release TP 03/115), that it had decided not to alter the decision of the Initial Panel.

The Initial Panel was Andrew Lumsden (sitting President), Anthony Burgess and Denis Byrne.

The reasons of the Initial Panel in the Proceedings are available on the Panel's website at: http://www.takeovers.gov.au/Content/Decisions/decisions.asp

The earlier Panel media releases mentioned in this media release are available on the Panel's website at: http://www.takeovers.au/Content/MediaReleases/MediaReleases.asp

The reasons of the Review Panel will be released when they have been finalised.

George Durbridge
Director, Takeovers Panel
Level 47 Nauru House
80 Collins Street
Melbourne VIC 3000,
Ph: +61 3 9655 3553
george.durbridge@takeovers.gov.au