British Steel Corporation

HC Deb 26 March 1979 vol 965 cc37-8W

Mr. Skeet

asked the Secretary of State for Industry whether he proposes to sanction the acquisition by the British Steel Corporation of Cindu Chemie NV; and if, in view of the deficits of the corporation, he proposes to give assistance towards the purchase.

Mr. Les Huckfield

My right hon. Friend has agreed to the acquisition by British Steel Corporation (International) Limited of a majority in Cindu Chemie. All the purchase money will be found by BSC (International), from the proceeds of disposals of other overseas investments.

Mr. Skeet

asked the Secretary of State for Industry whether he proposes to sanction the purchase of the steel stockholders, Dunlop and Ranken Ltd. by the British Steel Corporation; and how the acquisition is to be financed.

Mr. Les Huckfield

My right hon. Friend has given consent under section 3(3) of the Iron and Steel Act 1975 to this acquisition. The purchase is being financed out of sums received by the corporation under section 18 of the Act within the agreed cash limit for 1978–79.