HC Deb 04 July 1974 vol 876 cc264-5W
Mr. Flannery

asked the Secretary of State for Industry when he hopes to reach a decision on the British Steel Corporation's proposals to secure complete ownership of Sheffield Rolling Mills Ltd.

Mr. Meacher

My right hon. Friend has concluded that the interests of the company, of the corporation and of bar re-rolling in Sheffield are best served by allowing the transaction to proceed as agreed between the three parties. He has accordingly given his consent under Section 2(2) of the Iron and Steel Act 1967 to the acquisition by the corporation of the interests of Balfour Darwins Ltd and James Neill Holdings Ltd in Sheffield Rolling Mills Ltd which will thereby become a wholly-owned subsidiary of the corporation.

My right hon. Friend the Secretary of State for Prices and Consumer Protection has no objection on competition or other public interest grounds to the transaction which I understand will be implemented very shortly.