Australian Left Review
Article Title
Takeovers on the High Seas: The Corporate Raiders
Abstract
National debate on the takeover of BHP has largely focussed on the cost to taxpayers of debtfinanced takeovers. The equity of the tax system is of great importance, but the broader implications of the takeover have been largely ignored. There was an initial flurry of concern about whether or not Holmes a' Court would close down the steel division, but Jo h n Halfpenny's comment that Holmes a ' Court could be no worse than the Melbourne establishment indicated that the metalworkers had accepted his assurances about maintaining the company as an integrated group. More importantly, however, the takeover points to profound changes in both ownership and financing which are under way, and which affect the basic stability of Australian industry.