Asked about the takeover of UK defence company Cobham by a US private equity firm, UK PM Boris Johnson says 'all the security issues that might be raised can be satisfied'
The government has approved a US private equity firm's takeover of UK defence and aerospace company Cobham.the government intervened over national security concernsThe government announced its approval of the deal late on Friday night - which the firm's founding family said was"timed to avoid scrutiny".Cobham, which employs 10,000 people, has extensive contracts with the British military and is seen as a world leader in air-to-air refuelling technology.
Shareholders approved Advent's offer in August, but a month later the government intervened in the takeover, citing national security concerns., Business Secretary Andrea Leadsom said she was satisfied the risks that had been identified had been mitigated"to an acceptable level" - and allowed the deal to go ahead.
The company is also obliged to give the government prior notice of any plans to sell the whole, or elements of, Cobham's business.Lady Nadine Cobham - part of the family which set up the UK firm - called the decision"deeply disappointing" and criticised the timing of the decision. The curious timing may actually draw more attention than if it had been done at a more normal hour - few doubted the government would block the deal, and shareholders in Cobham have already voted overwhelmingly in favour.
Sir Ed Davey, acting leader of the Liberal Democrats, said the announcement was"deeply concerning" and said"we have yet to see evidence" that concerns over national security had been mitigated.
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