§ Mr. Huckfieldasked the Minister of Technology what percentage of Rootes equity capital, following the acquisition by the Chrysler Corporation of Rootes 239W Motors Limited, is held by the Industrial Reorganisation Corporation; and whether it is intended to increase or decrease this percentage.
§ Mr. Harold LeverI have been asked to reply.
The Industrial Reorganisation Corporation holds just over 8 per cent. of all Rootes' equity shares. My right hon. Friend does not propose to request the Corporation to increase its participation in this company, and the Corporation's Board will have to decide in due course when it can dispose of its existing holdings to the best advantage.
§ Mr. Huckfieldasked the Minister of Technology if he will give details of the instructions given by him to the director nominated by the Industrial Reorganisation Corporation to the board of Rootes Motors Limited.
§ Mr. Harold LeverI have been asked to reply.
No such instructions have been given. Like all directors of public companies, the director nominated by the Corporation to the Board of Rootes has a duty to serve the interests of all the company's shareholders and it would not be right for my right hon. Friend to seek to influence his judgment on matters coming before the Board.