Early day motion tabled by primary sponsor Lord Hoyle (Labour), on Wednesday, 22 May 1991, in the House of Commons. It is signed by 106 members in total.

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HANSON PLC POSSIBLE TAKEOVER OF ICI

That this House views with great concern the possibility that Hanson plc will soon be making a takeover bid for ICI; notes ICI is Britain's largest manufacturing company and a major export earner; believes a Hanson plc takeover would result in ICI being broken-up and sold off in parts to the highest bidder, which would be a devastating blow to Britain's chemical industry which does not need another forced rationalisation; notes ICI is one of Britain's few industrial success stories with about 70 per cent. of ICI's research being carried out in Britain with about half its manufacturing capacity based here, at over 50 production sites and with a further 200,000 jobs depending on its business in Britain; notes the chemical industry is a net contributor to Britain's balance of trade and that if ICI is sold off it may fall into the hands of an overseas company resulting in productive capacity and research and development moving abroad, and markets won by ICI being taken over; believes Hanson plc's record on long-term investment should give this House cause for concern as it has a very poor record on research and development expenditure in an industry where this type of expenditure is essential; calls on the Government to indicate that it would oppose a Hanson plc takeover of ICI, and refer the bid to the Monopolies and Mergers Commission as being against the public and national interest; and further calls for legislation to be introduced to tighten up regulations governing takeovers and prevent companies that invest in Britain from being taken over by unwelcome predators.

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Secondary information

Type

Early day motion

Reference

882 

Session

1990-91

Subjects

Takeovers ICI Hanson

Link

View this Early day motion on www.parliament.uk