asked the Minister for Industry and Commerce whether, having regard to the widespread public disquiet, in relation to mergers and takeovers, it is proposed to take steps to ensure that the identity of all parties involved in takeover vehicles and financial trusts is revealed to all interested parties.
Ceisteanna—Questions Oral Answers. - Mergers and Takeovers.
76.
I would agree that there could be some merit in having the identity of all parties involved in take-overs revealed. The Deputy is no doubt aware that there is a variety of proposals on company law emanating from the EEC, and I feel that the identification of parties involved in takeovers may well be relevant to some of these proposals. I propose to await clarification of the proposals before considering the matter further.
Would the Minister not consider it desirable, as a matter of public policy apart from anything else, to indicate that such identity should now be made for the future? I think the stock exchange should be given an identity in respect of these things.
I assure the Deputy I have this in mind and, as he knows, legislation is on the stocks. I would hope that the Bill will be available for a Second Reading—a Bill on mergers—in the near future.
77.
asked the Minister for Industry and Commerce whether it is proposed to introduce legislation providing for compulsory consultation with employees prior to any proposed merger or take-over and for the giving of adequate opportunity for the presentation of the views of employees on such proposals.
I have no proposals at present for legislation of the kind mentioned. While I would be anxious to see adequate consultation between employers and employees in proposed merger or take-over situations, the question of whether such consultation should be made a statutory requirement requires careful consideration.
Would the Minister not accept the view that with EEC membership, and the more stringent regulations that implies, there would be nothing novel whatsoever in our deciding to have statutory provision whereby employers and employees would be notified fully before any merger or take-over would take place? This is common practice in the Common Market. Would the Minister not have another sharp look at it?
I will look at it but I am not inclined to say we should have statutory provisions to provide for it.
All I can say is that we will have an amendment to the Bill on mergers when it comes along.
If the Deputy likes.