By Scott Murdoch

SYDNEY (Reuters) -Foreign bidders for Australian companies could be liable for higher reverse break fees if regulatory approval is not received, in the wake of the failed $434 million takeover of Mayne Pharma, lawyers said.

Treasurer Jim Chalmers blocked the takeover last week of Mayne by reluctant U.S. suitor Cosette Pharmaceuticals on the grounds of it not being in the national interest.

Cosette bid for Mayne in February but later tried to back out, citing the Australian company’s financial performance. It then threatened to close Mayne’s Adelaide manufacturing plant that employs some 200 people if the deal went ahead.

Chalmers said the decision to block the deal was in line with advice from Australia’s Foreign Investment Review Board (FIRB) that a Cosette takeover o

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