Foreign Investment Reform (Protecting Australia's National Security) Act 2020 (114 of 2020)

Schedule 1   Main amendments

Part 1   Amendment of the Foreign Acquisitions and Takeovers Act 1975

Foreign Acquisitions and Takeovers Act 1975

41   After section 19

Insert:

19A Meaning of acquire an interest of a specified percentage in a business

(1) A person acquires an interest of a specified percentage in a business if the person:

(a) starts to hold an interest of that percentage in the business; or

(b) would start to hold an interest of that percentage in the business on the assumption that the person held interests in assets of the business that are interests that the person has offered to acquire; or

(c) for a person who already holds an interest of that percentage in the business:

(i) starts to hold additional interests in assets of the business; or

(ii) would start to hold additional interests in assets of the business if interests in assets of the business were transferred as the result of the exercise of rights of a kind mentioned in paragraph 15(1)(b) or (c).

Note: A percentage may be specified by referring to:

(a) "20%"; or

(b) "any percentage"; or

(c) a "substantial interest" or a "direct interest"; or

(d) a percentage that a person holds in another entity.

(2) For the purposes of subsection (1), a reference to a person offering to acquire interests in assets of a business includes a reference to a person making or publishing a statement (however expressed) that expressly or impliedly invites a holder of interests in assets to offer to dispose of interests in assets.