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Volume 885: debated on Thursday 30 January 1975

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asked the Secretary of State for Industry if he will specify which categories of information which would be required by the Stock Exchange and Take-Over Panel in the case of a board of directors recommending the purchase of another company to shareholders, he intends not to publish before introducing legislation for the purchase out of public funds of certain aircraft companies.

No. The purpose of the City code is to defend the interests of shareholders in exercising their choice between accepting or rejecting a take-over bid. In the case of compulsory acquisition, it is Parliament which has to be satisfied that fair compensation will be paid to the shareholders. Therefore, provision to acquire any information necessary to assess fair compensation will be included in the legislative programmes to be brought before Parliament as soon as possible.