Glencore International AG & Anor v Takeovers Panel & Ors [2005] FCA 1290

Glencore International AG & Anor v Takeovers Panel & Ors [2005] FCA 1290

The Review Panel failed to make a finding or determination as to the actual effect of the non-disclosure on control or acquisition of a substantial interest as required by s 657A(2) of the Corporations Act 2001 (Cth), and failed to identify the specific rights and interests to be protected or properly balance them against prejudice to Glencore/Fornax when making orders under s 657D. These failures amounted to jurisdictional error. Accordingly, the declaration and associated orders were quashed and the matter was remitted to the Panel for redetermination according to law.

Jurisdiction
Australia
Judgment Date
14 September 2005
Procedural Posture
Judicial Review / Final Judgment
Outcome
Application allowed; declaration and orders of the Panel quashed; matter remitted to Panel; costs ordered against the Commission.
Legal Topics
['takeovers Panel' 'unacceptable Circumstances' 'judicial Review' 'declaration and Orders' 'disclosure Obligations' 'jurisdictional Error']
['corporations Law' 'administrative Law' 'constitutional Law'] ['takeovers Panel' 'unacceptable Circumstances' 'judicial Review' 'declaration and Orders' 'disclosure Obligations' 'jurisdictional Error']

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 1 Authorities cited 2 Party arguments 2 Amounts and remedies 1
Sign in to unlock

Procedural Posture

Judicial Review / Final Judgment

Legal Issues

  1. 1 ["Whether the Takeovers Panel's declaration of unacceptable circumstances was valid under s 657A of the Corporations Act 2001 (Cth)" 'Whether the remedial orders made under s 657D were valid' 'Whether the Panel made jurisdictional error by not determining the effect of the circumstances as required' 'Whether jurisdictional error existed in failing to balance rights/interests affected against prejudice' 'Whether the Panel exercises judicial power contrary to the Constitution']

Ratio Decidendi

The Review Panel failed to make a finding or determination as to the actual effect of the non-disclosure on control or acquisition of a substantial interest as required by s 657A(2) of the Corporations Act 2001 (Cth), and failed to identify the specific rights and interests to be protected or properly balance them against prejudice to Glencore/Fornax when making orders under s 657D. These failures amounted to jurisdictional error. Accordingly, the declaration and associated orders were quashed and the matter was remitted to the Panel for redetermination according to law.

Court Disposition

Application allowed; declaration and orders of the Panel quashed; matter remitted to Panel; costs ordered against the Commission.

Orders

  • ['The declaration made by the First Respondent under s 657A(1) of the Corporations Act 2001 (Cth) on 20 July 2005 be quashed.' 'The orders made by the First Respondent under s 657D(1) of the Corporations Act 2001 (Cth) on 25 July 2005 be quashed.' 'The matter consisting of the application by the Applicants for...