Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, April 6, 2011

Australia defends blocking ASX-SGX deal, says open to investment

Australia defended its preliminary decision to block Singapore Exchange's $7.8 billion bid for Australia's ASX Ltd , but criticism is growing that the decision could hurt future foreign investment in the country. Treasurer Wayne Swan, speaking a day after saying he intended to block the deal on unspecified national-interest grounds, said Australia continued to welcome foreign investment and described the 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 on Wednesday.

Source