AusNet Services Limited 02 - Panel Receives Application [04/10/2021] The Takeovers Panel

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TP21/23
Monday, 4 October 2021

AusNet Services Limited 02 - Panel Receives Application

The Panel has received an application from Brookfield Infrastructure Group (Australia) Pty Ltd (Brookfield) in relation to the affairs of AusNet Services Limited (AusNet). AusNet has received competing proposals made by Brookfield and by Australian Pipeline Limited as responsible entity of the Australian Pipeline Trust and APT Investment Trust (APA) for control of AusNet.

Details of the application, as submitted by the applicant, are below.

A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.

Details

On 23 September 2021, APA made an application to the Panel in relation to the affairs of AusNet (for background see TP21/21).

APA subsequently made two ASX announcements on 24 and 29 September 2021. Brookfield submits that these announcements contain misleading and incorrect information, undermining the efficient, competitive and informed market principle.

Brookfield seeks final orders requiring APA to make corrective disclosure and “reserves the right to propose such other interim or final orders as may be appropriate in the circumstances”.

Allan Bulman
Chief Executive, Takeovers Panel
Level 16, 530 Collins Street
Melbourne VIC 3000
Ph: +61 3 9655 3500
takeovers@takeovers.gov.au