§ 72. Mr. Winnickasked the President of the Board of Trade what increase there has been in United States investments in British industry in the last five years; what proportion of industry located in Great Britain is owned by United States firms; and what steps his Department is taking to protect British firms from United States takeover bids.
§ Mr. DarlingIt is estimated that over the five years 1961–65, the net direct investment in United Kingdom industry by United States companies amounted to about £600 million, of which one half was in the form of reinvested profits. These figures exclude portfolio investment and investment in oil and insurance companies. It is further estimated that about 7 per cent. of the net assets of non-financial companies in the United Kingdom is owned by United States concerns. Any proposal to take over or merge with a United Kingdom company, whether or not the bidder is foreign owned, is 237W examined by my Department if it comes within the scope of the Monopolies and Mergers Act, 1965.