'National security' worries threaten £4bn takeover of Cobham

  • 📰 SkyNews
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 67%

United Kingdom Headlines News

United Kingdom Latest News,United Kingdom Headlines

The takeover of defence giant Cobham is to come under regulatory scrutiny on the orders of the Business Secretary.

The government has launched an investigation into the £4bn takeover of defence firm Cobham, citing"national security" concerns.

The Business Secretary Andrea Leadsom said she had asked the Competition and Markets Authority to examine the deal with US private equity firm Advent International,She said the watchdog had until 29 October to assess the security implications of the sale - backed by investors despite opposition from Lady Nadine Cobham, whose late husband Michael ran the business.

She had called on ministers to step in - accusing fellow shareholders of holding a"white flag" over the business, which has interests in air-to-air refuelling technology and communications systems. Mrs Leadsom said the government wants to"support private sector innovation whilst safeguarding the public interest".In a statement, she said:"Following careful consideration of the proposed takeover of Cobham, I have issued an intervention notice on the grounds of national security.

"As part of the statutory process, the CMA will now investigate and carry out a review on the national security implications of the transaction."

Source: News Formal (newsformal.com)

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 35. in UK

United Kingdom Latest News, United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Defence giant Cobham agrees £4bn US private equity takeoverThe group, which makes air-to-air refuelling and communications systems for the military, has faced difficulties in recent years. Embarrassing! Need to keep these top British companies British!
Source: SkyNews - 🏆 35. / 67 Read more »

National security fears threaten defence takeoverUK government to intervene in the takeover of UK defence and aerospace firm Cobham, citing national security concerns About time too BBCWorld China? Watch out of monopolist China 🇨🇳
Source: BBCNews - 🏆 3. / 97 Read more »

Defence giant Cobham agrees £4bn US private equity takeoverThe group, which makes air-to-air refuelling and communications systems for the military, has faced difficulties in recent years. Embarrassing! Need to keep these top British companies British!
Source: SkyNews - 🏆 35. / 67 Read more »

National security monitor challenges Dutton on citizenship-stripping lawsAutomatically removing citizenship from dual nationals may breach international law, James Renwick says
Source: The Guardian - 🏆 84. / 53 Read more »

Edward Snowden calls on Macron to grant him asylum in FranceThe former US National Security Agency contractor is living in Russia but feels entitled to get protected status in France. Of all the places you could pick 😂 I sure hope he doesn't get it and if that traitor goes to France he's turned over to the US. Now I know he is unwell. What an idiot. Russia will welcome him.
Source: SkyNews - 🏆 35. / 67 Read more »

How a parent’s bid to save their school exposes the rotten core of our democracy | Aditya ChakraborttyThis battle shines a light on the Whitehall takeover of our education system, says Guardian columnist Aditya Chakrabortty
Source: The Guardian - 🏆 84. / 53 Read more »