AusNet Services Limited 02 – Panel Declines to Conduct Proceedings

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The Panel has declined to conduct proceedings on an application dated 1 October 2021 from Brookfield Infrastructure Group (Australia) Pty Ltd in relation to the affairs of AusNet Services Limited.

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 (see TP21/23).

The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances in relation to the matters raised in Brookfield’s application (that announcements made by APA contained misleading and incorrect information). Accordingly, the Panel declined to conduct proceedings.

The sitting Panel was Yasmin Allen (sitting President), Michael Borsky QC and Ron Malek. The same sitting Panel is conducting proceedings in relation to the AusNet Services Limited 01 application (concerning exclusivity arrangements in a confidentiality deed between AusNet and Brookfield - see TP21/21) and is still considering that matter.

The Panel will publish its reasons for the decision in due course on its website.

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