Published 3 years ago

UK intervenes in bid by U.S. aviation firm Parker for Meggitt

Summary by Reuters

Britain said on Monday it was intervening in a proposed 6.3 billion-pound ($8.65 billion) takeover by U.S. engineering and aerospace firm Parker-Hannifin of its British rival Meggitt, citing national security grounds. "On 18 October 2021, acting on official advice, the Secretary of State issued a public interest intervention notice to intervene in the proposed transaction on

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The Guardian

Meggitt says US takeover will go ahead despite UK government intervention

British defence supplier says Parker-Hannifin deal will complete next year despite referral to CMAThe British aerospace manufacturer Meggitt said it was confident its £6.3bn takeover by a US rival would go ahead, after the business secretary, Kwarsi Kwarteng, intervened in the deal over national security concerns.Kwarteng referred the proposed acquisition of Coventry-based Meggitt by Parker-Hannifin to the Competition and Markets Authority on Mo…

3 years ago·London, United Kingdom

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Reuters

UK intervenes in bid by U.S. aviation firm Parker for Meggitt

LONDON -Britain said on Monday it was intervening in a proposed 6.3 billion-pound ($8.65 billion) takeover by U.S. engineering and aerospace firm Parker-Hannifin of its British rival Meggitt, citing national security grounds. "On 18 October 2021, acting on official advice, the Secretary of State issued a public interest intervention notice to intervene in the proposed transaction on

3 years ago·United Kingdom

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The Telegraph

Kwarteng intervenes in £6.3bn Meggitt takeover

Business Secretary triggers formal investigation, giving competition watchdog until March to examine national security implications

3 years ago·London, United Kingdom

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Sky News UK

Government intervenes in £6.3bn Meggitt takeover 'to assess any national security concerns'

The move comes after officials were previously asked to investigate the takeovers of defence firm Ultra Electronics and chip designer Arm Holdings.

3 years ago·United Kingdom

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Bloomberg Quint

Parker-Hannifin’s Meggitt Deal Triggers U.K. Security Review

(Bloomberg) -- Britain ordered a review of the planned 6.3 billion-pound ($8.7 billion) takeover of aerospace and defense firm Meggitt Plc by U.S.-based Parker-Hannifin Corp., citing national security concerns.Continue Reading. Read more on Business News by BloombergQuint.

3 years ago·Mumbai, India

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