Rolls-Royce Ltd.

HC Deb 19 March 1971 vol 813 c405W

Mr. Rost

asked the Minister of Aviation Supply whether he will make a statement about the acquisition of Rolls-Royce Limited assets.

Mr. Corfield

In pursuance of the Government's declared intention to acquire such assets of the aero-engine and marine and industrial gas turbine activities of Rolls-Royce Ltd. as may be essential to our national defence, to our collaborative programmes with other countries and to many air forces, civil airlines and private operators all over the world, Heads of Agreement covering the purchase of such assets (the composition of which has not yet been finally determined) have now been signed between the Receiver, Rolls-Royce (1971) Ltd., and my Department. The agreement provides for payment of a fair price by negotiation between the parties to the Heads of Agreement with provision, in the event of disagreement, for reference to an expert assessor whose decision will be binding on all the parties.