06 Apr '11, 1am

Australia defends decision to reject SGX deal, says all foreign investment proposals had to be in 'national interest'

Australia defends decision to reject SGX deal, says all foreign investment proposals had to be in 'national interest'

Australian Finance Minister Wayne Swan (above) defended his preliminary decision to block the Singapore Exchange's bid for ASX, saying all investment proposals had to be in the national interest. -- PHOTO: AFP SYDNEY - AUSTRALIA on Wednesday defended its preliminary decision to block Singapore Exchange Ltd's S$11 billion (A$8.4 billion) bid for Australia's ASX Ltd , rejecting criticism that it would hurt the nation's standing with foreign investors. Treasurer Wayne Swan, speaking a day after revealing he intended to block the deal on unspecified national-interest grounds, said Australia welcomed foreign investment and described its approval process as fair and transparent. 'I welcome foreign investment but ultimately all foreign investment proposals have to be in the national interest,' he told ABC radio. But Mr Swan declined to spell out his reasons for initially blocking...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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