The decision by the Federal Treasurer, Peter Costello, to block the hostile $10 billion Shell takeover of Woodside Petroleum followed concerted pressure on the Treasurer by the Prime Minister, John Howard, WA Liberal MPs who saw that the takeover would decimate the party in the next Federal Election, and Woodside itself.The Treasurer agonised over the proposal for months, and ultimately exercised his power to reject it on national interest grounds.His body language showed that it was a decision …
