In July 2009 Australia's new cartel laws entered into force. On 19 March 2013 the Federal Court of Australia (Gordon J) handed down its first decision involving these new laws. Norcast S.ár.L(Norcast), a subsidiary of the private equity fund, Pala Investments Limited (Pala), alleged that Castle Harlan, Inc (Castle Harlan), another private equity fund, and Bradken Limited (Bradken) had entered into an arrangement whereby Castle Harlan would bid for the acquisition of Norcast's subsidiary, NWS, and Bradken would not. Castle Harlan bid successfully for NWS and acquired it through its subsidiary, BC. Bradken Operations Pty Ltd (Bradken's subsidiary) then exercised rights, acquired pursuant to a Subscription, Governance and Purchase Agreement (SGPA), to acquire all shares in BC and thereby
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