Vol. 384 No. 6
asked the Minister for Industry and Commerce if he will outline the actions taken by his Department with regard to the proposed takeover of Irish Distillers Ltd. by G.C. & C. Brands Ltd. and the Pernod Ricard Group; and if he will make a statement on the matter.
45.
asked the Minister for Industry and Commerce if he will outline his Department's attitude to the two competing bids to take over the Irish Distillers Group; and if he will make a statement on the matter.
83.
asked the Minister for Industry and Commerce the present position in regard to his examination under the Mergers Act of the proposed takeover of Irish Distillers.
I propose to take Questions Nos. 17, 45 and 83 together.
The initial bid for Irish Distillers Group plc by GC & C Brands Limited, which at that stage was controlled by Allied Lyons plc, Grand Metropolitan plc and Guinness plc, was notified to me under the Mergers, Take-overs and Monopolies (Control) Act, 1978, as amended, on 27 June 1988. I referred the matter to the Fair Trade Commission on 6 July 1988 for investigation and report in relation to the scheduled criteria to the 1978 Act. The commission's report was submitted to me on 5 August 1988. However, as a result of intervention by the European Commission this bid lapsed.
Subsequently GC & C Brands Limited, as a wholly owned subsidiary of Grand Metropolitan's Irish subsidiary, Gilbeys of Ireland Group Limited, made a fresh bid for Irish Distillers. Notification, in accordance with the 1978 Act, of this proposal was made to me on 22 August 1988. I requested the Fair Trade Commission to investigate this proposal in accordance with the Act on 30 August 1988 and I received its report on 18 October 1988.
In relation to the recent offer by Pernod Ricard to acquire the shares in Irish Distillers a notification was received by me on 5 October 1988 and referred to the Fair Trade Commission on 11 October. The report of the commission's investigation was submitted to me on 9 November 1988.
In accordance with the 1978 Act, having received a report from the commission of its investigations into a proposal referred to it, I have the option of allowing a proposal proceed without objection or, if I think that the exigencies of the common good so warrant, after consultation with any other Minister of the Government appearing to be concerned, I may, by order, prohibit a proposal either absolutely or except on conditions specified in the order.
I am currently examining the commission's reports in relation to both proposals and expect to reach my decision shortly.
