HC Deb 26 October 1988 vol 139 c296W
Mr. Pawsey

To ask the Chancellor of the Duchy of Lancaster whether he will make it his policy to set a ceiling on the level of shareholding which foreign-owned or based companies will be permitted to hold in British Steel after privatisation; and if he will make a statement.

Mr. Maude

For a limited period following privatisation, individual shareholdings in British Steel (or shareholdings held by persons acting in concert) will be restricted by the company's articles to 15 per cent. of the ordinary shares in British Steel. These provisions are protected by a special share held by the Government, and cannot be changed without the Government's prior consent. The arrangements will remain in force until 31 December 1993.

The provisions apply irrespective of nationality. The Government have made it clear that in the case of British Steel they see no grounds for discriminating between shareholders on the basis of nationality.