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Takeover Rules

Volume 978: debated on Thursday 14 February 1980

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asked the Secretary of State for Trade whether he will take steps to ensure that the acquisition of a 5 per cent. share interest or above in a United location, date, and extent of the spillage, the cause, if known, the parties responsible, if known, and the steps taken to deal with the problem.

Spillages of oil from tankers in excess of 500 tonnes have occurred within United Kingdom coastal waters on four occasions during the five years 1975–1979 inclusive. The following table gives details:Kingdom company by a foreign or domestic bidder is subject to the same rules so as to give neither a specific advantage.

The Companies Acts 1967 and 1976 place the same obligations in respect of the disclosure of beneficial interests in the share capital of United Kingdom companies on foreign persons as they do on United Kingdom citizens or companies.