Bradken, Norcast near settlement
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
A settlement appears imminent in the controversial Bradken (BKN) case, where the Australian company and its chairman Nick Greiner were found to have engaged in anti-competitive bid-rigging.
The Full Federal Court was due to hear the case on Monday but Bradken and Canada’s Norcast approached the court this morning with a proposal to settle.
Norcast successfully argued in the Federal Court that Mr Greiner and Bradken chief executive Brian Hodges had engaged in bid-rigging by reaching a secret agreement that private equity group Castle Harlan would bid for Norcast Wear Solutions and, if successful, sell the asset to Bradken.
Castle Harlan was the successful bidder at $US190 million but within seven hours it had sold the company to Bradken for $US209m, giving it a $US19m profit.
It was alleged that Bradken was the real bidder and that Castle Harlan was merely an intermediary, and the $US19m differential amounted to a de facto fee for its services.
Bradken said that it was excluded from the sale process, which was disputed by the vendor. Bradken is in the process of appealing the decision against it.
The Australian Competition and Consumer Commission appeared in the case this morning and opposed elements of the settlement deal.
The three judges said they were not prepared to make orders in the form requested by Bradken and Norcast. They said they would deliver their reasons “in due course”.
Call 1300 880 160
Start a chat
Schedule a call
