§ Mr. Robert JacksonTo ask the President of the Board of Trade if he will make a statement on the possible transfer ofThe Independent newspaper.
§ Mr. HeseltineI have received an application for my consent to acquire a controllong interest in Newspaper Publishing, owner ofThe Independent and The Independent on Sunday. The application relates to an offer made by a consortium consisting of Mirror Group Newspapers, the Espresso group and Promotora de Informaciones, in agreement with Mr. Andreas Whittam Smith, Mr. Adrian O'Neil and Mr. Matthew Symonds. It seeks my consent without an inquiry by the Monopolies and Mergers Commission under section 58(3)(a) of the Fair Trading Act 1973. This section gives me discretion to consent to a newspaper transfer without a Monopolies and Mergers Commission inquiry where I am satisfied that the newspaper concerned is not economic as a going concern and as a separate newspaper and that, if the paper is to continue, the case is one of urgency. I am inviting comments from interested parties by 3 March on whether I should give my consent without a Monopolies and Mergers Commission inquiry. I have placed in the Libraries of both Houses a note describing the main features of the proposed transaction and explaining how the newspaper merger provisions of the Act apply to this case.
I expect to make a further statement to the House announcing my decision following the period of public consultation.