asked the Minister for Industry and Commerce whether existing legislation is adequate to protect the national interest in connection with take-overs conducted by companies in member states of the EC, some of which afford no similar rights of take over; whether he intends to introduce safeguards on these issues in the national interest; and if he will make a statement on the matter.
Written Answers. - Take-overs Legislation.
13.
The relevant legislation governing take-overs is the Mergers, Take-overs and Monopolies (Control) Act, 1978, as amended. Where a proposed merger or take-over involves at least one enterprise which carries on business in the State and the parties concerned exceed certain financial thresholds, the Act requires all of the enterprises concerned to notify me. Any foreign enterprise involved in such a take-over, whether from an EC country or not, is therefore subject to the provisions of the Act.
The Act is concerned with the interests of the common good which includes the criteria set out in the schedule to the Act. The criteria cover matters of competition, continuity of supplies, employment and the interests of employees, regional development, benefits derived from the proposal, the interests of shareholders and the consumer and national policy relating to the rationalisation of operations in the industry or business concerned.
I am satisfied that the Act adequately protects the national interest in connection with take-overs and that the introduction of new safeguards is not required.