asked the Minister for Industry and Commerce whether he has compiled a register of financial trusts, takeover vehicles and similar institutions; and, if not, whether he proposes to do so.
Ceisteanna—Questions Oral Answers. - Mergers and Take-Overs.
79.
All companies incorporated under the Companies Acts must be registered in the Companies Registration Office, and in that way bodies such as the Deputy refers to are already registered, As any registered public company whatever may be used as a takeover vehicle, it is not clear to me what kinds of company would be included in a separate register nor is it clear to me what purpose would be served by such a register.
There are now in this country mergers through holding companies, shareholding companies, et cetera, and there are merger finance trust companies developing. Would the Minister accept that it is urgently in the national interest that there should be maintained in his Department a separate register dealing particularly with the extent to which businesses are Irish-controlled and owned so that we will have some idea as to who owns which Irish company and whose rights are concerned? There is an appalling lack of information on the subject of takeovers of which there are many going on at the moment. I am afraid this House and the Minister, in present conditions, are virtually powerless in a situation which could get out of hand quite quickly.
I am a little unhappy about the whole situation. We must prepare legislation which will be in line with EEC proposals on this matter. We must have legislation which will enable me as Minister to have full information on the lines suggested by the Deputy.
Thanks.
80.
asked the Minister for Industry and Commerce if he will indicate for each of the last five years (a) the total number of mergers between enterprises and (b) the total number of take-overs of enterprises broken down as follows: (i) internal, (ii) from within Ireland to other countries and (iii) from outside Ireland.
There is no statutory obligations on companies to give notification of proposals for mergers or take-overs and I have not the information which would enable me to answer the Deputy's question in the form in which it is put. However, records kept in my Department from such information as becomes available to it give the information set out in a tabular statement which, with the permission of the Ceann Comhairle, I propose to circulate.
Following is the Statement:
STATEMENT of Mergers and Take-overs of Enterprises in 1970, 1971 and 1972.
Mergers
|
Year |
Irish with Irish |
Irish with foreign |
|
1970 |
Not available |
Nil |
|
1971 |
4 |
3 |
|
1972 |
11 |
Nil |
|
(first 9 months) |
Take-Overs
|
Year |
Irish by Irish |
Foreign by Irish |
Irish by foreign |
|
1970 |
Not available |
4 |
7 |
|
1971 |
24 |
5 |
18 |
|
1972 |
36 |
10 |
6 |
|
(first 9 months) |
81.
asked the Minister for Industry and Commerce if he will consider setting up a review body to examine and report on all aspects of mergers and large take-overs of industrial concerns as they affect the economy; and, if not, why.
It is not necessary to set up a review body to examine and report on all aspects of mergers and large take-overs of industrial concerns. Such a body already exists in the Restrictive Practices Commission which is obliged by section 12 of the Restrictive Practices Act, 1972, to study and analyse the effect on the common good of those and other activities of an economic nature. Furthermore, I have already introduced a Bill in this House providing for investigation and control of mergers, take-overs and monopolies and I propose to take the Second Stage during the present Session. I do not intend to delay the passage of this Bill to await reports from any review body as I am satisfied that the legislation is necessary.