CANWEST MAY HAVE TO LOWER STAKE IN NETWORK TEN
By Adnews Staff
CanWest Global Communications of Winnipeg may have to give up about $550 million(US) worth of Australia's Network Ten shares to reduce its holding to 15%, the maximum permitted to foreigners. The Foreign Investment Review Board and the Australian Broadcasting Authority say CanWest is illegally in control of Ten. The ABA had approved CanWest's then 57.5% stake in the station, which combined the maximum 15% voting share allowed to foreigners with 42.5% in non-voting debentures. But CanWest has financed a group of local businessmen to acquire a 37.5% block of Ten's voting shares, and both the FIRB and the ABA believe this puts CanWest in control of Ten by ways of association with the businessmen.
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