§ Mr. Skeetasked the Secretary of State for Trade and Industry what progress is currently being made by the British steel Corporation in carrying out the restructuring activities in regard to its [...] interests as set out in his statement of 28th June, 1971.
§ Mr. Tom BoardmanThe British Steel Corporation has reached agreement in principle for the sale, subject to contract. of its high carbon and mild steel wire interests to a company jointly owned by British Ropes Ltd. and Tinsley Wire Industries Ltd. The terms of the transaction are being announced by the parties today.
Consent has been given under Section 2(2) of the Iron and Steel Act, 1967, to the acquisition of securities in British Ropes Ltd. by the Corporation as part of the consideration for the purchase. The proposal was examined in the usual way in the context of the Monopolies and Mergers Act, 1965, but reference to the Monopolies Commission was not considered necessary.
The parties have given assurance of stability of employment, and the transaction fulfils the aim referred to by my right hon. Friend in his statement of establishing a wire group likely to exploit more effectively our opportunities in Europe.