The Takeovers Panel advises that it has declined to make a declaration of unacceptable circumstances in relation to an application dated 21 November 2005 from Lion Nathan Limited and Lion Nathan Australia Pty Limited (together Lion Nathan) for a declaration of unacceptable circumstances and orders in relation to the Second Supplementary and Corrective Target's Statement, issued by Coopers Brewery Limited on 15 November 2005.

The Takeovers Panel advises that it has received two applications dated 2 December 2005 from Lion Nathan Limited and Lion Nathan Australia Pty Limited (together Lion Nathan) for review of: a) the Panel's preliminary decision in respect of misleading disclosure in Coopers Brewery Limited's Target's Statement in the Coopers Brewery Limited 03 matter. Lion Nathan has complained about one of the charts in the Second Supplementary and Corrective Target's Statement which Coopers issued on 1 December 2005 in response to the Coopers 03 Panel's concerns about misleading statements in the original Coopers Target's Statement. The chart complained of puts forward a control price for Coopers which the Coopers board suggests may be reasonable based on two transactions which the Coopers board has asserted are comparable transactions to the Lion Nathan bid for Coopers; and b) the Panel's decision in Coopers Brewery Limited 04, not to postpone the two EGMs proposed to be held on 7 December 2005 by Coopers to consider the proposed Coopers Buy-back and amendments to the Coopers Constitution which would preclude the Lion Nathan bid for Coopers. Lion Nathan submits that Coopers shareholders do not have sufficient time to consider the implications of the decision by the Coopers board (announced in the Second Supplementary and Corrective Target's Statement) that the Coopers board will consent to all requests for withdrawal of transfer notices by Coopers shareholders in the event that the Lion Nathan bid lapses, or the Coopers auditor determines that "fair value" is less than the price offered under the Lion Nathan bid.

The Takeovers Panel advises that it has received an application dated 2 December 2005 from Lion Nathan Limited and Lion Nathan Australia Pty Limited (together Lion Nathan) in relation to the off-market takeover offer by Lion Nathan Australia Pty Limited, a wholly owned subsidiary of Lion Nathan Limited, of Coopers Brewery Limited (Coopers).

The Takeovers Panel advises that it has today made an interim order restraining the holding of the Extraordinary General Meeting (Constitution EGM) of Coopers Brewery Limited (Coopers) due to be held at 10.00 a.m. ACDT on Tuesday 29 November 2005. The Panel advised it would have no objection to the EGM being held in conjunction with the further EGM (Buy-back EGM) proposed for 7 December 2005 provided Coopers issues a corrective statement, approved by the Panel, giving Coopers shareholders sufficient time to consider the corrective statement before the Constitution EGM. The Panel made no orders restraining the holding of Coopers AGM which is due to be held on 29 November 2005.

The Panel advises that the Federal Court of Australia yesterday handed down temporary orders in relation to an application by Glencore International A.G. and Fornax Investments Limited (together, Glencore) for review of the Takeovers Panel's decision in Austral Coal Limited 02RR.

The Takeovers Panel advises that it has received an application dated 21 November 2005 from Lion Nathan Limited and Lion Nathan Australia Pty Limited (together Lion Nathan) in relation to the off-market takeover offer by Lion Nathan Australia Pty Limited, a wholly owned subsidiary of Lion Nathan Limited, of Coopers Brewery Limited (Coopers).

The Panel announces today that it has received notice of an application to the Federal Court of Australia for review of the Panel's decision to make a declaration of unacceptable circumstances and final orders in relation to the Austral Coal Limited 02RR matter (see Media Releases TP05/75 and TP05/78).

The Takeovers Panel has now made orders in the matter of Austral Coal 02RR and released its reasons for making a declaration of unacceptable circumstances and orders in that matter. Under the orders, with one exception everyone who sold Austral Coal shares on ASX from 22 March to 4 April (inclusive) will receive a payment of about 5 cents per share, from an amount of $1.3 million to be paid by Glencore.

The Takeovers Panel has today released an Issues Paper seeking public comment on the circumstances in which the Panel may consider whether or not unacceptable circumstances exist in relation to collateral benefits in takeovers transactions. The purpose of the Issues Paper is to facilitate discussion among, and obtain feedback from, market participants and investors who may be affected by any guidance which the Panel publishes on collateral benefits, or otherwise have an interest in such guidance.