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Suez Canal Company

Volume 975: debated on Monday 3 December 1979

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asked the Chancellor of the Exchequer what is the exact nature of the Government's current shareholding in the former Suez Canal Company; and what is its present market value.

The Government's holding of 710,150 French franc 100 capital shares in the Suez Finance Company represented 7·66 per cent. of the company's total equity. As I announced in a written reply to my right hon. Friend the Member for Norfolk, North (Mr. Howell) on 7 November—[Vol. 973, c. 179–80]—the shares have been sold to the Banque de l'Indochine et de Suez. Settlement will be on 30 November. Net proceeds of the sale amounted to approximately £22 million.