Written Answers. - Company Mergers.

Austin Deasy


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.