10 MARCH 1990, Page 25

Dupes' gallery

THE House of Fraser report is damning. Large chunks of the City, Whitehall, West- minster, and (let us face it) the financial press were all fooled, and some of the dupes were willing dupes. The report underlines the need to reform the regula- tion of takeovers and mergers, with new and specific definitions of the public in- terest. These must include the public in- terest in establishing the bona fides of bidders for major British companies.