Cobham takeover: Boris Johnson defends £4bn sale to Advent International
Boris Johnson has defended the controversial £4bn takeover of UK defence and aerospace company Cobham by a US private equity firm.Sir Ed Davey, acting leader of the Lib Dems described the move as"deeply concerning".Speaking on a trip to see British troops in Estonia, Mr Johnson said:"I think it's very important that we should have an open and dynamic market economy.
Advent International made its initial £4bn offer for Cobham in July and it was approved by shareholders in August.Lady Nadine Cobham - part of the family which set up the UK firm - called the decision"deeply disappointing" and criticised the timing of the announcement. The firm, based in Wimborne, Dorset, also makes electronic warfare systems and communications for military vehicles.
She added that sensitive government information would continued to be protected under the new owner and existing contracts would be honoured.
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