UK: Gov intervenes in US$4.3B Cobham takeover on “national security grounds”

The Government has launched an investigation into the £4 billion (US$4.3 billion) takeover of UK aerospace giant Cobham by a US private equity company on “national security grounds.”

Business Secretary Andrea Leadsom has called on the competition watchdog to intervene and assess the security implications of Cobham’s sale to Advent International, which was approved by shareholders on Monday, September 16.

The sale of the business was backed by investors despite bitter opposition from Lady Nadine Cobham, whose late husband Michael ran the business, who called for the Government to step in.

Mrs Leadsom said the Government wants to “support private sector innovation whilst safeguarding the public interest.”

In a statement, she said the Competition and Markets Authority has until October 29 to report back to her regarding the impact of the acquisition.

Full Content: Channel News Asia

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