Vol. 514 No. 3
83 Mr. Deasy asked the Tánaiste and Minister for Enterprise, Trade and Employment if her Department has any responsibility to shareholders for the conditions of mergers or take-overs which they approve; and if she will look at the conditions involved in the merger of Waterford Foods and Avonmore to satisfy herself that such conditions were adhered to. [4168/00]
In 1997, following formal notification to me under the Mergers and Take-overs (Control) Acts 1978 to 1996 by lawyers acting for the Avonmore and Waterford co-operatives, I cleared their proposed amalgamation without referral to the competition authority and without any conditions.
Under mergers legislation, I have no ex-post responsibility to shareholders of a merged company. I understand that both co-operatives individually approved this merger by more than the required 75% majority vote of their shareholders under the terms of industrial and provident societies legislation.
