§ 9. Mr. CranTo ask the Secretary of State for Trade and Industry what was the value of acquisitions and mergers by United Kingdom companies of United Kingdom companies in each year from 1984 to 1989.
§ Mr. LilleyThe value of acquisitions and mergers by United Kingdom industrial and commercial companies within the United Kingdom rose steadily from £5 billion to £27 billion between 1984 and 1989, I will publish the annual figures in the Official Report.
§ Mr. CranWill my right hon. Friend take this opportunity to confirm his confidence in the takeover panel and takeover code, and acknowledge that there is concern in the City and elsewhere about the effect on the panel of the 13th draft EC directive, or whatever it is called, which substitutes a more legalistic approach for the highly pragmatic approach that we take in the United Kingdom? Will he confirm that he will make every endeavour to ensure that that EC beast is not foisted upon us?
§ Mr. LilleyMy hon. Friend makes a good point. There is much concern in the United Kingdom about this. Our voluntary takeover panel works very well. The bulk of takeover activity occurs in this country, so we have a right to a major say in any legislation that will bear on the United Kingdom and we shall vigorously uphold British interests in discussions in Brussels. It is, however, a matter for majority voting, so we cannot be absolutely sure that we will get our way; but we have quite a good track record of persuading our partners of the rightness of our cause.
§ Mr. BatisteDoes my right hon. Friend agree that what is needed in mergers is consistency, speed of determination and lack of duplication by Government agencies? Therefore, when the mergers directive is in place, will he prevent the Monopolies and Mergers Commission and the Director General of Fair Trading from making any attempts at empire building?
§ Mr. LilleyI entirely agree. The greatest possible simplicity, speed and certainty are important in these mergers. I shall take my hon. Friend's point into account.
§ Following is the information:
| £ million | |
| 1984 | 5,474 |
| 1985 | 7,090 |
| 1986 | 15,370 |
| 1987 | 16,539 |
| 1988 | 22,836 |
| 1989 | 27,253 |