Updated

ASX launches review of listing rules as James Hardie backlash grows

Joyce Moullakis, Simon Evans and Cecile Lefort

Updated Apr 27, 2025 – 4.25pm, first published at 1.55pm

Subscribe to gift this article

Gift 5 articles to anyone you choose each month when you subscribe.

Already a subscriber?

The ASX will reassess what shareholder approvals companies need for mergers, acquisitions and reverse takeovers after its decision to allow James Hardie to proceed with a $14 billion transaction without an investor vote led to a significant backlash from superannuation funds and asset managers.

The review of the listing rules was first reported by The Australian Financial Review on Sunday and came after meetings between the ASX’s chief executive Helen Lofthouse and the investors, which include AustralianSuper and UniSuper, two funds that are shareholders in the exchange operator.

Joyce Moullakis writes on banking and finance, specialising in investment banking, private equity, and financial services.

Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide.

Cécile Lefort is a markets reporter based in the Sydney newsroom. Cécile worked in New York and Hong Kong writing about global capital markets.