HC Deb 23 November 1984 vol 68 cc332-3W
Mr. Gould

asked the Secretary of State for Trade and Industry if he will list those enterprises for whose privatisation his Department has been responsible since 1979; and if he will specify in each case the form which privatisation took.

Mr. Butcher

[pursuant to the reply, 22 November 1984, c. 223]: Since 1979 the Department has been responsible for the privatisation of British Aerospace, Cable and Wireless and now British Telecom. In addition, other sales have been made by the nationalised industries, publicly-owned companies and the British Technology Group (BTG) for which the Department is responsible. These include the privatisation of Jaguar—owned by BL— the disposal of holdings by BTG, joint ventures between the British Steel Corporation and the private sector and the disposal of certain subsidiaries by British Shipbuilders.

The form taken by each of these sales is as follows: British Aerospace—Fixed price offer of 51.6 per cent. of the company's shares. Cable and Wireless—1st sale (October 1981) fixed price offer of 49.4 per cent. of the company's shares. British Telecom—Fixed price offer of 50.2 per cent. of the company's shares. Jaguar—Fixed price offer of 100 per cent. of the company's shares. British Technology Group—A variety of methods has been used including sales to management, sales to industrial companies and placements with institutional investors. British Steel and private sector joint ventures—Six joint venture companies established British Shipbuilders—Sales of Scott Lithgow to Trafalgar House and certain shiprepair and engineering subsidiaries to industrial purchasers or to management. The second sale of shares in Cable and Wireless in December 1983 was the responsibility of HM Treasury.