§ Mrs. Renéee Short
asked the Minister of Transport whether she can now make a further statement on the negotiations for the purchase of the British Electric Traction bus interests by the Transport Holding Company.
§ Mrs. Castle
Further to my reply of 17th November to my hon. Friend, I am glad to report that the Transport Holding Company has reached agreement with the British Electric Traction Company on terms for the acquisition of their holdings of ordinary shares in the bus companies in the B.E.T. Group for the sum of £35 million, which is the Holding Company's assessment of the current value of the underlying net assets attributable to the B.E.T's bus interests. The Holding Company already holds an equal shareholding with B.E.T. in most of these companies 433W and their offer is conditional upon the extension of their statutory borrowing powers, for which I intend to introduce the necessary legislation shortly.—[Vol. 754, c. 218.]