§ Mr. Arnoldasked the Secretary of State for Trade and Industry what is the policy of Her Majesty's Government on takeovers and mergers; and what recent representations he has received about this policy.
§ Mr. HowardOur policy on takeovers and mergers is that references to the Monopolies and Mergers Commission should be made primarily on competition grounds. I believe that this policy has in general operated effectively. However, it has attracted attention in recent months as a result of the high level of merger activity; and my right hon. Friend announced on 5 June a review of law and policy on mergers and restrictive trade practices.
My right hon. Friend and I receive regular representations on aspects of mergers policy. We are inviting representations in the context of the review, in the first instance no later than the end of July.