asked the Minister for Industry and Commerce if, in respect of a company (details supplied), any application has been made to him under the Mergers, Monopolies and Takeovers Act, 1978, for consent to transfer the beneficial ownership of the shares in that company; whether he has made any inquiries into the matter; if so, the result thereof; and if he will make a statement on the matter.
Written Answers. - Application under Mergers, Monopolies and Takeovers Act.
I have recently received a notification under the Mergers, Take-overs and Monopolies (Control) Act, 1978, as amended, of a proposal involving the change in control of the company referred to by the Deputy. I have also received proposals involving the sale of part of the operations of the company.
The notified proposal involving the company is being actively pursued by me and I am making the usual inquiries to enable me to make a decision. Until such time as the notification received in accordance with the Act has been fully considered by me and action taken in the context of the Act, I am not in a position to consider the proposal to further transfer part of the operations.
Title to any shares or assets involved in a notifiable transaction cannot pass in the absence of a decision by me allowing the proposal to proceed or until the relevant three month period from the date of notification or of the supply of all information sought has expired.