ruling

DJ Australia Govt To Challenge Ruling On Alinta Takeover

(MORE TO FOLLOW) Dow Jones Newswires
May 03, 2007 00:18 ET (04:18 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.
*DJ Australia Govt Seeks High Court Leave To Appeal Ruling

(MORE TO FOLLOW) Dow Jones Newswires
May 03, 2007 00:19 ET (04:19 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.
DJ Australia Govt To Challenge Alinta Takeovers Panel Ruling

CANBERRA (Dow Jones)--The Australian government Thursday said it will challenge a
ruling handed down by the federal court in a case between Alinta Ltd. (AAN.AU) and the
Takeovers Panel.
The federal court last month ruled Alinta breached the Corporations Act with its
purchase of a 10.25% stake in APA Group (APA.AU). The court also said the Takeovers Panel
didn't have the power to make its ruling that Alinta should divest the APA units.
The federal court ruling had created uncertainty in the takeovers market, Treasurer
Peter Costello and Attorney-General Philip Ruddock said in a joint statement.
The court ruled one of the provisions of the Corporations Act that confers judicial
power on the Takeovers Panel was in breach of the Australian Constitution.
"The decision undermines the objective that the Takeovers Panel be the primary
forum for the resolution of takeover dispute," the ministers said in the statement.
The Attorney-General will apply to the High Court for leave to appeal the Federal Court
decision.

-By Barbara Adam, Dow Jones Newswires; 61-2-6208-0901; [email protected]
-Edited by Paul Dekkers

(END) Dow Jones Newswires
May 03, 2007 00:45 ET (04:45 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.

Thursday 03 May 2007 14:45:45:510 AEST