§ Mr. Michael Morrisasked the Secretary of State for industry if he will make a statement on the National Enterprise Board's investment in Deeside Titanium Ltd.
§ Mr. Michael MarshallMy right hon. Friend has decided that, since it is intended that the shares of Rolls-Royce will shortly be transferred from the National Enterprise Board, it would be inappropriate for the board to continue to have responsibility for Deeside Titanium Ltd. and, with the board's agreement, has invited Rolls-Royce to acquire the board's majority interest in the company on terms to be negotiated. My right hon. Friend is grateful to the board for its efforts in taking this project forward. The task of building a new titanium sponge plant and following up the opportunities for further private sector participation is now being pursued by Rolls-Royce.