Emergency legislation aimed at preventing Arab oil interests from taking over a company with major holdings in Utah was rushed through the State Legislature last week. The Utah House of Representatives adopted the bill by a 67-0 vote Friday, less than 24 hours after the State Senate approved the bill by a vote of 27-0.
State Senator Warren Pugh urged passage behind closed doors after he said that there is a company in Utah threatened with a takeover. He refused to identify the company, but others said it was the Kennecott Copper Corporation. However, the company said it knew of no impending takeover bid.
The bill broadens a state law covering quick stock takeovers of Utah companies to include not only corporations with headquarters in the state but also those with assets of more than $125 million or more than 500 employees in the state. It would require 20 days notice of a takeover bid.
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