§ Mr. BayleyTo ask the President of the Board of Trade (1) if he will make a statement about the takeover bid for the London Commodity Exchange made by the Coffee, Sugar and Cocoa Exchange of New York, and its implications for cocoa and coffee processing companies operating in the United Kingdom; [34317]
(2) if his Department intends to review the decision to sell the United Kingdom's share of the buffer stock of cocoa beans following the New York Coffee, Sugar and Cocoa Exchange's take-over bid for the London Commodity Exchange; [34313]
(3) what representations he has made to the Director General of Fair Trading in respect of the bid by the Coffee, Sugar and Cocoa Exchange of New York to take over the London Commodity Exchange. [34318]
§ Mr. Jonathan EvansIf this is a qualifying merger, the relevant competition authorities will need to consider the takeover. If it falls to the UK competition authorities, the Director General of Fair Trading will advise my right hon. Friend the President of the Board of Trade whether to refer the merger to the Monopolies and Mergers Commission. In giving his advice, the DGFT will take into account third party views and any other relevant factors.
§ Mr. BayleyTo ask the President of the Board of Trade what discussions Her Majesty's Government have had with(a) the European Commission and (b) other Governments of EU member states about the take-over bid for the London Commodity Exchange. [34314]
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§ Mr. EvansNone. If such a takeover fell to the United Kingdom competition authorities, then any plans which a company might have to acquire the London Commodity Exchange would be a matter for discussions with the Director General of Fair Trading who has a duty under the Fair Trading Act 1973 to advise my right hon. Friend the President of the Board of Trade on whether any qualifying mergers should be referred to the Monopolies and Mergers Commission.