House debates Questions in Writing
Australian Stock Exchange and Ricegrowers Ltd Sales (Question No. 376)
John Cobb Calare, National Party, Shadow Minister for Agriculture and Food Security
asked the Treasurer, in writing, on 23 may 2011:
What are his reasons for (a) refusing the sale of the Australian Stock Exchange Ltd to Singaporean company Singapore Exchange Ltd, and (b) approving the sale of SunRice to Spanish company Ebro.
Wayne Swan Lilley, Australian Labor Party, Treasurer
The answer to the honourable member's question is as follows:
Under Australia's foreign investment review arrangements, proposals are assessed on a case-by-case basis to determine whether a particular proposal would be contrary to Australia's national interest. This assessment takes into consideration a range of factors that vary from case to case.
I found that the proposed acquisition of ASX Limited by Singapore Exchange Limited would be contrary to Australia's national interest. The reasons for my decision are set out in my media release dated 8 April 2011.
I found that the proposed acquisition of Ricegrowers Limited (SunRice) by Ebro Foods S.A was not contrary to Australia ' s national interest . In reaching this conclusion I took into account a range of national interest considerations which are set out in Australia ' s foreign investment policy and took advice from a range of sources including the Foreign Investment Review Board.