asked the Secretary of State for Trade and Industry whether he will introduce legislation to make illegal the selling of shares by directors of public companies during take-over bids.

This would inhibit takeover transactions to an extent which could not be justified. But the Companies Bill now before Parliament provides that directors should observe the utmost good faith towards their companies, and that directors should not normally deal in the shares of their companies when they are in possession of price-sensitive information which is not generally available.