Fed: Minchin says Woodside needs careful consideration

AAP General News (Australia)
04-18-2001
Fed: Minchin says Woodside needs careful consideration

CANBERRA, April 18 AAP - Federal Industry Minister Nick Minchin today said the government
needed to give careful consideration to Shell's proposed bid for Woodside Petroleum.

Royal Dutch-Shell has made a $10 billion bid for Woodside, but the takeover is still
awaiting Foreign Investment Review Board approval.

The issue is likely to be discussed at today's meeting of federal cabinet.

Senator Minchin told reporters the issue had not divided the coalition.

"No, not at all," he told reporters. "It's a very important issue for Australia and
one that requires very careful consideration."

The government must make a decision by April 24.

Western Australian Liberals have urged the government to knock back the takeover, while
other Liberals argued that Australia risked losing investor confidence if the Shell bid
was rejected.

Senator Minchin said he was pleased with the debate about Woodside.

"I'm glad there's been a good discussion internally and I'm sure the treasurer will
do what's in the best interest of Australia," he said.

"It is a difficult issue for the treasurer.

"I'll support the treasurer on whatever decision he has to make."

AAP jg/was

KEYWORD: WOODSIDE

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