Lion inquiry panel named

By ELLEN READ

The stock exchange market surveillance panel has named the committee to investigate Lion Nathan's recent takeover of Montana, but refuses to discuss its process or timeline.

In accord with Montana's request, the panel said yesterday that Sir Duncan McMullin, Sir Ian Barker and Bill Wilson would conduct the investigation.

Panel secretary Philippe Leloir declined to make further comments.

Last month, Lion Nathan gained a 51 per cent stake in Montana after trumping a full takeover bid by Allied Domecq.

The market surveillance panel agreed on Monday to investigate aspects of the takeover after a complaint from Montana on behalf of Allied Domecq, which holds a minor stake in the winemaker.

Montana wanted a committee to examine whether Lion began buying Montana shares before it was permitted under stock exchange rules.

If found in breach, Lion could be made to forfeit some or all of its stake.