Vol. 506 No. 2
105 Mr. Stanton asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will report on the proposed sale of IFI; the legal instrument which will be used by the Government to enable the sale to go ahead; and if she will make a statement on the matter. [15097/99]
Following clarification and evaluation of the two indicative offers received in relation to the joint sale process, the shareholders are of the view that neither offer presented a sufficiently strong basis for proceeding further with the joint sale of IFI. However, a new potential purchaser has very recently indicated an interest and this is currently being pursued.
Once the position regarding this new expression of interest has been clarified and any indicative offer evaluated, the shareholders will decide on whether a joint sale could be progressed with this third party. Should this not prove possible, the shareholders can explore the options remaining in relation to ownership, which include postponing the sale process for a period or examining the possibility of a unilateral sale of the State 51 per cent shareholding.
Any sale by the State of its shareholding in IFI does not require enabling legislation. I will, of course, bring any sale proposal to Government before proceeding. In addition, the approval of the NET Board will be required, to any sale of the State shareholding.
