§ Mr. Rookerasked the Secretary of State for Prices and Consumer Protection what progress has been made in implementing the Report of the Monopolies and Mergers Commission on the existing and proposed mergers involving Eurocanadian Shipholdings Ltd., Furness Withy and Co. Ltd., and Manchester Liners Ltd.; and whether he will make a statement.
§ Mr. John FraserAs a result of consultations held by the Director General of Fair Trading, undertakings acceptable to my right hon. Friend have been given to him on behalf of Eurocanadian Ship-holdings Ltd. that Eurocanadian Ship-holdings Ltd: (i) will refrain from increasing its present holdings in Furness Withy and Company Ltd. by acquiring any further shares or interests in any shares of that company; (ii) will refrain from increasing its present holdings in Manchester Liners Ltd. by acquiring any further shares or interests in shares of that company; (iii) will restrict the exercise of voting rights arising by virtue of its shareholdings in Furness Withy and Company Ltd. to 10 per cent. of the voting rights arising in respect of the ordinary share capital of that company; (iv) will, within three years, reduce its holdings in ordinary shares in Furness Withy and Company Ltd. to not more than 10 per cent. of the issued ordinary share capital of that company.
Particulars of these undertakings have been furnished to the Director General in order that he may keep under review their performance.