§ Sir Peter HordernTo ask the Chancellor of the Duchy of Lancaster if he has any plan to review his decision that the Kuwait Investment Office should sell its shares in British Petroleum, which amount to more than 9.9 per cent. of the company, within 12 months; and if he will make a statement.
§ Mr. MaudeThe report of the Monopolies and Mergers Commission recommended that the Government of Kuwait should be required to reduce their shareholding in British Petroleum over a period of some 12 months. However, in order to promote an orderly disposal of the shareholding, the report also recommended that this period should be subject to some flexibility in the light of market conditions. My right hon. and noble Friend the Secretary of State accordingly asked the Director General of Fair Trading to consult the Kuwait Investment Office on this basis with a view to obtaining undertakings to reduce the shareholding in British Petroleum to not more than 9.9 per cent. and to advise him further on the appropriate time scale for divestment.