asked the Minister for Industry and Commerce the number of Irish firms taken over by foreign interests in each of the past three years.
Ceisteanna—Questions. Oral Answers. - Take Over of Irish Firms.
46.
The records of companies registered in this country do not disclose the nationality of shareholders or the beneficial ownership of shares held by nominees. There is no statutory obligation on companies to furnish such information or to give notification of proposals for takeovers or mergers. In the circumstances, it is not possible for me to give the information sought by the Deputy.
We all see in our newspapers day after day records of companies being taken over by foreign companies. It is entirely wrong for the Minister to say that his Department keep no records. Is it not the duty of the Department of Industry and Commerce to watch this kind of thing? The Minister can quote any official statistics he likes but let me say one thing. "We have no Government".
I have already indicated that I am in the process of preparing legislation to deal with mergers and take-overs.
The Minister is very slow about it.
The Minister gave a similar reply some months ago. Would he not think it desirable to introduce this legislation before we enter the EEC so that it will not appear more discriminatory afterwards?
It takes a long time to prepare legislation of this nature because of basic complications.
No Government.
No alternative.