Billy Timmins
Question:41 Mr. Timmins asked the Tánaiste and Minister for Enterprise, Trade and Employment if her Department is still considering selling the Government share in IFI; and if she will make a statement on the matter. [4246/99]
Written Answers. - Irish Fertilizer Industries.
Billy Timmins
Question:70 Mr. Timmins asked the Tánaiste and Minister for Enterprise, Trade and Employment the percentage share the Government has in IFI; and if she will make a statement on the matter. [4247/99]
I propose to take Questions Nos. 41 and 70 together.
I refer the Deputy to the reply I have given to a priority question on this topic. The State, through NET, has a 51 per cent shareholding in Irish Fertilizer Industries, with the remaining 49 per cent owned by ICI. During 1998, both shareholders agred to seek a joint sale of 100 per cent of IFI. Since then, discussions have been ongoing between my Department, the Department of Finance, IBI Corporate Finance, who are advising and assisting the State in relation to the proposed sale, and ICI executives.
Considerable progress has been made in recent months and IBI Corporate Finance has, in the past week, approached potential interested parties to ascertain the likely level of interest in acquiring IFI. Subject to agreement between the shareholders that this initial round of contacts demonstrates that there is sufficient interest in the market to justify proceeding at present, an information memorandum will be issued in the coming weeks to those parties who have expressed an interest and have signed a confidentiality agreement.
Despite the difficult conditions currently existing in the fertilizer industry, I am anxious to test the market at this stage, with a view to securing a purchaser with a commitment to IFI as a fertilizer manufacturer, and seeking safeguards regarding IFI operations and levels of employment.