UK approves £4bn takeover of defence company Cobham
The government has approved a US private equity firm's takeover of UK defence and aerospace company Cobham.
But Cobham's founding family raised concerns about the security implications of the deal, prompting a government consultation.Cobham, which employs 10,000 people, is known for pioneering technology enabling the mid-air refuelling of planes. The firm, based in Wimborne, Dorset, also makes electronic warfare systems and communications for military vehicles.
She said:"Having considered the consultation responses and further advice from the defence secretary, I am satisfied that the undertakings mitigate the national security risks identified to an acceptable level and have therefore accepted them and cleared the merger to proceed." The company is also obliged to give the government prior notice of any plans to sell the whole, or elements of, Cobham's business.Cobham has extensive contracts with the British military and is seen as a world leader in air-to-air refuelling technology.
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