CONFIDENTIAL
2
continue to play the leading role in negotiating with the Chinese, which he at present filled. The Prime Minister said that we recognised Mr Stones' enormous contribution and that Lord Kadoorie's comments would be taken fully into account, although she could not of course make any commitments.
Lord Kadoorie said that he had just held a meeting with the new Chairman of Exxon, Mr Rawl. They were both concerned about the risk of a predatory bid for China Light and Power. Although his company and Exxon between them controlled 55 per cent of the company, they had only 35 per cent of the voting rights. It was very important for Hong Kong and for its relations with China to avoid any disruption in the present pattern of co-operation. There was no immediate threat but it
was a long-term worry. The two companies would now try to devise a system whereby they could be reasonably sure of preserving their control. Lord Kadoorie added that Exxon were keen to join China Light and Power in further non-nuclear projects in China in any but the nuclear field.
The Prime Minister would like the point about Mr Stones to be followed up.
I am copying this letter to Robert Culshaw (Foreign and Commonwealth Office) and Philip Mawer (Home Office).
C D POWELL
Timothy Walker, Esq.
Department of Trade and Industry
CONFIDENTIAL
No comments yet.
Private notes are available after approval.