Fed: Goode says decision won t damage foreign investment

AAP General News (Australia)
04-24-2001
Fed: Goode says decision won t damage foreign investment

Woodside Petroleum Ltd chairman CHARLES GOODE says the treasurer's decision to reject
Royal Dutch/Shell's $10 billion bid wouldn't damage Australia's chances with future foreign
investment.

Treasurer PETER COSTELLO yesterday knocked back Shell's bid for the Australian energy
giant, saying it was one of the rare occasions where the national interest required his
intervention.

Mr GOODE says he understands Mr COSTELLO'S decision but he doesn't believe Shell would've
held back development of the key North West shelf.

Economists fear the decision could turn investors away but Mr GOODE says he didn't
think that would happen.

He says Australia's one of the most open countries in the world in this respect.

Mr GOODE says the drop in Woodside's shareprice in reaction to the news was to be expected.

Speaking to ABC radio he says there had been a lot of international short term traders
buying the stock with a view to making a short term profit," he told ABC Radio.

MORE RTV eg/klwi

KEYWORD: WOODSIDE GOODE (CANBERRA)

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