All foreign takeover bids will now be subject to review in Australia, shielding local companies from China and beyond. Other countries might retrench similarly. That could make it harder for the capital-hungry and encourage oligopolies, writes ugalani:
Australia on March 29 tightened foreign investment rules, subjecting all foreign takeover proposals to review, in a temporary move to manage disruption related to Covid-19.
The government will be particularly mindful of the potential impact on community and employment, the Foreign Investment Review Board said in a Q&A on its website. “Without these changes, it is possible many normally viable Australian businesses would be sold to foreign interests without any government oversight, presenting risks to the national interest”, FIRB added.
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