(Alliance News) - Calisen PLC on Monday said foreign investment approval in Australia is no longer needed for its GBP1.43 billion takeover by infrastructure funds led by BlackRock Inc and noted that the UK's regulator will not have parallel jurisdiction to investigate the deal.
This follows amendments to Australia's 1975 foreign acquisitions and takeovers act. As such, one of the conditions for the buy has been satisfied.
Moreover, as a EU merger control filing was filed formally with the European Commission before the end of 2020, the UK's Competition & Markets Authority does not have parallel jurisdiction to investigate the deal. This means another condition for the buy has been met.
The acquisition remains subject to other conditions and terms, including court sanction of the deal.
The court meeting and general meeting to approve the acquisition are schedules for February 11. Given Covid-19 restrictions, shareholders cannot attend in person, though shareholder can attend remotely.
Shares in Calisen were up 0.4% at 259.60 pence in London on Monday morning.
By Anna Farley; annafarley@alliancenews.com
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