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."
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.
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
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.
Read more »
National security monitor challenges Dutton on citizenship-stripping lawsAutomatically removing citizenship from dual nationals may breach international law, James Renwick says
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.
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
Read more »