§ 23. Mr. Harry GreenwayTo ask the Chancellor of the Duchy of Lancaster what representations he has received in response to his recent statement on competition policy.
§ Mr. MaudeMy Department has received a large number of representations in the course of the recent review, and I expect to receive more in response to the proposed Green Paper on the new restrictive trade practices law, due for publication shortly.
§ Mr. GreenwayIs my hon. Friend aware of the possible takeover bid for British Bakeries in my constituency? Is he aware of a move by comparatively small companies to take over large companies, which then go in for asset-stripping on a big scale, which involves job losses? What will my hon. Friend do about this wicked practice?
§ Mr. MaudeAsset-stripping is a highly emotive and quite often misleading term. If any merger qualifies under the legislation, it falls to my right hon. and noble Friend to decide whether it should be referred to the Monopolies and Mergers Commission. He does that on the advice of the Director General of Fair Trading. The proposed merger to which my hon. Friend referred is, I believe, in the process of being considered by the Director General.