本平台将致力于为您提供与您在澳洲的投资项目相关的法律信息与服务、同时也会将与中国企业及个人投资者热切关注的产业相关澳洲新闻、最新行业规定等讯息及时传递给您。
上市实体和超过50名成员的非上市澳大利亚公司的有表决权的股份和其他证券的接管受公司法的管辖。
除某些特殊情况外，任何人不得取得公司已发行有投票权股本20％以上的“相关利益”，或者从一个起点高于20％但低于90％范围收购额外股份。例外情况包括进行市场内或市场外接管投标、法院批准的安排方案、发行权力股、选择性减资和“蠕变收购”（在6个月时间内收购不超过3%）。
“相关权益”的概念极为广泛，涵盖直接和间接权益，因此一个人可以在不成为登记持股人的情况下达到相关标准。
若某方通过接管要约收购一个公司不低于90%的投票股权的相关权益，如果符合某些标准，可以通过强制性收购程序收购剩余股权。当某方收购私人公司（不涉及接管要求的）的90%或以上权益时，上述程序同样适用。
接管时涉及的监管机构将是：
ASIC，管控公司法的合规
ASX，管控在ASX上市的实体的行为以及上市规则的合规
收购和接管委员会，负责从严格遵守使用的法律条款以及行为是否构成“不可接受的情况”两个方面审查接管期间的行为，并具有行驶各种命令以纠正违规行为的权利。
接管作为构建收购的一种替代方法，公司法同样允许类似的交易通过协议安排生效。协议安排具有更大的灵活性，也使投标人有更大的把握在该计划获批后可以收购目标的100%权益。然而，协议安排需要股东的批准（包括目标的所有与投标人无关的股东中至少75%同意）以及法院的批准。
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【专业干货——助您成功投资澳洲业务】
以下是我们会在最近即将为您带来的专题信息：
· 常见领域法律与规定：公开接管、电子商务、商业移民和雇主担保签证、房地产、环境法、气候变化相关规定
欲查阅之前我们发布的如下【在澳经商基本法律法规】主题系列以及与您生意相关的其他资讯，请进入订阅号点击右上角按钮，选择“查看历史消息”：
· 在澳大利亚注册公司
· 澳大利亚的公司管理规则
· 澳大利亚公司的劳资关系
· 澳大利亚的外商投资基本规则
· 澳大利亚税收政策
· 澳大利亚政府概况
· 澳大利亚法律制度概况
· 澳大利亚企业结构概况
· 技术与知识产权保护
· 反垄断和消费者保护法
· 合同法
（原创文章，欢迎转发，谢谢关注！未经授权，严禁转载！）
Public Takeovers 【Laws and Regulations in Common Area IV】
The Corporations Act regulates takeovers of voting shares and other securities of listed entities and unlisted Australian companies with more than 50 members.
Subject to certain exceptions, a person is prohibited from acquiring a “relevant interest” in more than 20% of the issued voting share capital of such a company, or acquiring further shares from a starting pointthat is above 20% and below 90%. Exceptions include making an on-market or off-market takeover bid, acourt approved scheme of arrangement, rights issues, selective reductions of capital and “creep acquisitions” (being acquisitions of 3% or less over a 6month period).
The concept of a “relevant interest” is extremely broad and covers direct and indirect interests so that a person can reach the relevant threshold without becoming a registered holder of shares.
If a person acquires a minimum of a 90% relevant interest in the voting shares of a company under a takeover offer, there are compulsory acquisition procedures which may be used in order to acquire the balance of the shares if certain criteria are met. The same procedures also apply if a person acquires an interest of 90% or more in private companies (which are not subject to the takeover requirements).
The regulatory bodies involved in a takeover will be:
ASIC, which regulates compliance with the Corporations Act
ASX, which regulates the conduct of entities listed on the ASX and compliance with the Listing Rules
the Takeovers Panel, which is responsible for reviewing conduct during a takeover, both in terms of strict compliance withthe applicable legislation and also whether conduct constitutes “unacceptable circumstances”, and which has the power to make a broad range of orders to remedy any breaches.
As an alternative to structuring an acquisition by way of a takeover, the Corporations Act also permits similar transactions to be effected by way of a scheme of arrangement. Schemes of arrangement allow for greater flexibility and also enables a bidder to have certainty that, if the scheme is approved, the bidder will acquire a 100% interest in the target. However, schemes of arrangement require shareholder approval (including, approval by at least 75% of all shareholders in the target who are not connected to the bidder) and court approval.
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The coming topicsinclude:
· Laws and regulations in common areas, including business migration, real property, public takeovers, and electronic commerceetc.
To view our previous news releases for Chinese investors and the following articles of the topic ‘Basic legal knowledge on doing business in Australia’, please click the upper-right button on our WeChat platform, and choose ‘view previous information’:
· Setting up in Australia
· Company Administration
· Workplace Relations
· Foreign Investment
· Tax
· Australian Government
· Australian Legal System
· Australian Business Structures
· Protection of Technology and Intellectual Property
· Anti-trust and Consumer Law
· Contract Law
