HC Deb 16 April 1973 vol 855 cc21-2
17. Mr. Edelman

asked the Secretary of State for Trade and Industry what power of veto he exercises in connection with the disposal of shares, at home or overseas, by the new design and construction company for the nuclear industry.

Mr. Emery

My right hon. Friend is discussing these matters with the interested parties.

Mr. Edelman

It is very important that there should be some veto in cases in which shares in this vitally important industry may be transferred overseas. Is it not the case that the predominant and favoured position of GEC in this and other hybrid firms seems to threaten the principle of an open purchasing policy? What action is the hon. Gentleman taking to prevent abuses in this area?

Mr. Emery

I accept the need for the Government to be certain about the restrictions which will be placed on the transfer of any shares. I repeat that this matter is now under close consideration. The Government reserve the right to have all the necessary information to ensure that an open purchasing policy can and will be carried out by the new company.

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