§ Mr. ShersbyTo ask the Chancellor of the Duchy of Lancaster if he is considering seeking to lower the threshold of individual or corporate shareholdings at which a bid must be made.
§ Mr. MaudeThere is no statutory provision requiring a bid to be made when a person's shareholding in a company reaches a certain threshold. The City code on takeovers and mergers contains provisions for mandatory offers to be made when a person or persons acting in concert own or control 30 per cent. or more of a company's voting shares. The City code is administered by the Panel on Takeovers and Mergers.
§ Mr. ShersbyTo ask the Chancellor of the Duchy of Lancaster what information he gathers on the ex tent of individual or corporate shareholdings exceeding 20 per cent. in major British public companies; and if he will publish it.
§ Mr. MaudeUnder the Fair Trading Act 1973 the Director General of Fair Trading advises the Secretary of State when he believes that the acquisition of a partial shareholding constitutes a merger qualifying for investigation under that Act. Apart from this my Department does not monitor information on shareholdings in British public companies.