Vol. 450 No. 1
83 Mrs. O'Rourke asked the Minister for Enterprise and Employment the firm employed by him in connection with Irish Steel as announced by him in an adjournment debate on Thursday, 23 February 1995; the firm's terms of reference; and the cost of the work to be undertaken. [4772/95]
In the adjournment debate on 23 February, 1995, I informed the Deputy that the Government was currently engaging an independent specialist to advise it on the sale of shares in and control of Irish Steel. Invitations were issued in January to seven consultancy firms to tender for this assignment. The terms of reference issued to the consultants were to: enter into discussions with potential purchasers, as identified by Irish Steel, for the purchase of all or a majority part of the shares in Irish Steel and clarify the nature and extent of their interest and the terms on offer; provide any additional information required to enable potential purchasers to formulate offers for Irish Steel; review and assess the offers received and make a formal recommendation to the Minister for Enterprise and Employment for the acceptance of an offer and the negotiation of a formal letter of intent; and instruct the legal advisers to the sale and manage the negotiation process through to completion.
All of the companies written to have now submitted tenders. The tenders are currently being evaluated and I expect to be in a position to make an early decision on them. The general terms of reference above will be refined in discussion with the successful tenderer. When I have appointed consultants I will inform the Deputy.
