Fed: Crean wants answers on Shell how decision made

AAP General News (Australia)
04-24-2001
Fed: Crean wants answers on Shell how decision made

Opposition treasury spokesman SIMON CREAN has questioned the government's decision-making
process in the banning of the takeover by Royal Dutch/Shell of Woodside Petroleum.

Treasurer PETER COSTELLO yesterday knocked back Shell's $10 billion bid for Woodside,
saying it was one of the rare occasions where the national interest required his intervention.

Mr CREAN says the public needs to know on what basis Mr COSTELLO based his decision.

He says the government had dithered on the decision and had acted in secrecy.

Mr CREAN says the government made its decision at the 11th hour and it was a surprise decision.

He says the government should come clean and reveal what the criteria was that the
government put to Shell and why Shell failed to comply.

Meanwhile, Mr COSTELLO has continued to defend his decision.

He told radio 6PR that despite Shell's best intentions to meet any undertakings it
was prepared to give, other factors may have prevented it from doing so.





Financial markets punished the Australian dollar for the government's decision, driving
it down nearly 1.5 US cents.

AAP RTV db/jlw/jtb

KEYWORD: WOODSIDE CREAN (MELBOURNE)

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