To ask the Secretary of State for Trade and Industry on what grounds he decided not to refer to the Monopolies and Mergers Commission the takeover bid by the Peninsular and Oriental company for Laing Properties.

My right hon. Friend the Secretary of State's decision not to refer the proposed acquisition of the P and O Group and Chelsfield plc of Laing Properties plc was taken in accordance with the advice of the Director General of Fair Trading and after consideration of all relevant issues. In my right hon. Friend's view, the proposal did not raise competition or other public interest issues which justified reference to the Monopolies and Mergers Commission.