asked the Minister for Industry and Commerce if he will state whether agreement has been reached on the acquisition of the Great Northern Railway; and, if so, the terms on which the undertaking is to be acquired.
Ceisteanna—Questions. Oral Answers. - Acquisition of Great Northern Railway.
The principles of the agreement reached on the acquisition of the Great Northern Railway have already been announced.
At a joint meeting held on 1st October the directors of the company were informed that it had been agreed to proceed with the compulsory acquisition of the undertaking on payment of compensation amounting to £3,900,000. At the same time it was indicated that, if a proposal were made on behalf of the stockholders for a voluntary sale of the undertaking on terms slightly more favourable than the original offer, the acceptance of the proposal would be considered.
No proposal has so far been received from the stockholders.
Can the Minister say on what basis more favourable terms were decided upon?
No more favourable terms have been decided upon, and certain Press reports have been misleading in that regard. No new offer has been made to the company. The Government are quite prepared to justify to the Dáil the compulsory acquisition of the undertaking on the basis of the £3,900,000, but they have intimated that if an offer of voluntary sale, at a somewhat higher figure, was received, it would be considered.