13 Mr. S. Barrett asked the Minister for Industry and Commerce if he has any plans to review the mergers, take-overs and monopolies legislation in order to facilitate the restructuring of Irish industry to cater for the competitive environment after 1992; and if he will make a statement on the matter.
The competitive environment now and after 1992 does not give rise to any need to amend the mergers, take-overs and monopolies legislation. However, the Mergers, Take-overs and Monopolies (Control) Act, 1978 could benefit from some refinement. Experience with its operation, particularly in more recent years, points to the need for such refinement. In addition the EEC Council Regulation on the Control of Concentrations between undertakings (No. 4064/89) will have to be accommodated.
I intend to avail of the opportunity that the competition Bill will present to propose the necessary amendments and hope to have the legislation enacted this year.
Have there been moves afoot within the Council of Europe and the Commission to have a common policy on mergers, take-overs and monopolies? The reason I ask this question is to know whether there is a danger that if it is left to the Commission it will endeavour to seek a common policy on mergers, take-overs and monopolies that could have a serious effect on Irish industry and would not be capable of dealing with large monopolies within the single market.
As I understand it, the Commission has overall control of mergers which exceeds certain financial limits on assets or turnover. These would come within a very small category and would entail very large amalgamations. However other mergers would come within the legislation regime in their respective countries.
