"Following a meeting held yesterday, a spokesperson for John Fairfax Holdings Limited (FXJ) yesterday advised that while the group is not standing still, it has no developments to report to the market at this time. The comments come as speculation that the group could buy CanWest’s stake in Ten Network Holdings Limited (TEN) intensifies."Sounds like Fairfax's enthusiasm for a deal with Ten may be waning. Shareholders didn't like it, which may have been enough to scotch an agreement which also hinged on regulatory approval for transfer of the Canwest ownership structure and would have been an advance bet against the likelihood of favourable changes to legislation later this year.
Too many variables, perhaps?
An editorial in today's Oz took the 'we can't do it, so they shouldn't be allowed to' angle:
Sour grapes anyone?"Perhaps Fairfax and its friends think the Government will allow them to get a start before the law changes ... If the Government is committed to fair reform, it must let Fairfax and Ten know it will permit no more cunning company structures that avoid the intent of the rules. Any opportunities that are open for Fairfax and Ten should also be available at the same time to Kerry Packer's Publishing and Broadcasting Limited and News Limited."
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