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Takeovers

Volume 981: debated on Monday 17 March 1980

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asked the Secretary of State for Trade if he will seek to amend the laws as to prevent a company which has already anounced an intention to make a takeover bid for another company, to avoid any disclosure provisions of the Companies Acts by setting up a brand new company, with no trading record, as a vehicle to facilitate the takeover.

All companies are subject to the appropriate disclosure provisions of the Companies Acts and I see no reason to amend the law.

asked the Secretary of State for Trade if he is satified that there are adequate provisions to ensure that one party in a takeover bid is not given information concerning a company's performance that is not generally available to other shareholders; and what action there is available to him currently to prosecute those in default on such a matter.

I shall reply to the hon. Member as soon as possible.

Imports
Units19751976197719781979
Paper and board excluding'000 tonnes239·8281·4283·5313·9333·9
pulp and waste paper£ million573·9765·4897·9962·31,122·1
Manufactured stationery£ million16·515·720·423·126·2
Manufactures of paper and board not elsewhere specified£ million20·028·529·148·460·1
Import Penetration*, per cent
19751976197719781979†
Paper and board, excluding pulp and waste paper4344454647
Manufactured stations54554
Manufactures of paper and board not elsewhere specified56699
Notes;
*Import penetration is defined as imports (cif) as a percentage of home demand, where home demand=manufacturers' sales + imports (cif)—exports (fob).
† The information relates to the 12 month period ending September 1979, the latest available.