The Australian Takeovers Panel and Judicial Review of its Decisions

The recent decision of the Federal Court in Glencore International AG v Takeovers Panel ('Glencore'), involved the first court challenge to an Australian Takeovers Panel decision since the Panel replaced the courts as the primary forum for deciding takeover matters. Two of the key aims of this change were to minimise 'tactical litigation' and free up court resources. Although the court in Glencore concluded that, in certain limited circumstances, it should be slow to interfere in Panel decisions, these were found not to apply and the Panel's decision was quashed due to jurisdictional error. This article explores the implications of the Glencore decision for the Panel, particularly in light of the approach of judicial restraint adopted by United Kingdom courts in relation to the UK Panel. Notwithstanding the challenges posed by the complex Australian system of judicial review, it is concluded that the Australian courts should adopt a similar approach to that in the UK.