HL Deb 12 December 1994 vol 559 c109WA
Lord Sefton of Garston

asked Her Majesty's Government:

Whether they have received assurances from British Aerospace plc that in the event of that company acquiring any more companies they will consult Her Majesty's Government before selling any of them abroad; and, if not, whether they will seek such assurances, with particular respect to shipbuilding companies.

The Minister of State, Department of Trade and Industry (Earl Ferrers)

British Aerospace has hitherto given assurances that the company will consult the Government before disposing of any major asset to foreign interests. In connection with the bid for VSEL plc by British Aerospace plc, the Secretary of State for Defence has made it a condition of his consent, as holder of the Special Share in VSEL, to the amendment of the Articles of Association which is necessary to permit an acquisition of the company, that he receives satisfactory undertakings from British Aerospace regarding specific issues, such as British control of the facilities associated with the production of nuclear submarines. I understand that the Ministry of Defence is in the process of securing these undertakings.

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