Mecky Posted May 3, 2014 Share Posted May 3, 2014 "Conservative peer Lord Heseltine has said the government should have greater powers to intervene when British companies are the target of takeover bids by foreign businesses." A bit rich coming from a man who was part of the government that sold most of the UK down the river to foreigners for nearly two decades. Two words Michael: Westland Affair http://www.bbc.co.uk/news/business-27245995 Link to comment Share on other sites More sharing options...
tzijlstra Posted May 3, 2014 Share Posted May 3, 2014 I like this bit: "But the important point is that every other advanced economy has mechanisms of some sort on a failsafe basis to scrutinise foreign takeovers and we're the only country that doesn't." Wrong Hesseltine, the UK has the same protection as other EU countries and if it doesn't because you chose not to sign up to that bit of the EU (which has already saved numerous companies from being gobbled up by hedge-funds and hostile take-overs) than that is your own bloody problem. Oh and what happened to the CMA? Link to comment Share on other sites More sharing options...
geared Posted May 3, 2014 Share Posted May 3, 2014 After the Cadburys disaster it's become glaringly obvious something needs to be done, at least someone is bothering to speak up about it. Even if it is Heseltine. Link to comment Share on other sites More sharing options...
tzijlstra Posted May 3, 2014 Share Posted May 3, 2014 After the Cadburys disaster it's become glaringly obvious something needs to be done, at least someone is bothering to speak up about it. Even if it is Heseltine. Yeah, but he is wrong... All the government has to do is rally the competition commissioner in the EU and ensure that the takeover is tested appropriately for national interest and the takeover will be blocked legally. Instead, as usual, the UK is ignoring the EU as the deaf stepchild, but the simple fact is that AZ and Pfizer have enormous overlap in the Euro market and as such it is incredibly likely that the EU commissioner will block the takeover on any grounds. In other words, it is a non-story. Link to comment Share on other sites More sharing options...
I1L2T3 Posted May 3, 2014 Share Posted May 3, 2014 It's not going to happen. Any of the main three parties will sell any British company down the river. They are globalists. They have been doing this for 40 years. Bye bye Astra Zeneca. Bye bye thousands of UK jobs. Link to comment Share on other sites More sharing options...
tinfoilhat Posted May 3, 2014 Share Posted May 3, 2014 We want to be a key part of the global economy that means our big corporations get bought and sold. It often (but not always) involves foreign investment which is a good thing. Surely if we don't encourage that it all seems a bit inward looking? Link to comment Share on other sites More sharing options...
I1L2T3 Posted May 3, 2014 Share Posted May 3, 2014 We want to be a key part of the global economy that means our big corporations get bought and sold. It often (but not always) involves foreign investment which is a good thing. Surely if we don't encourage that it all seems a bit inward looking? Not inward looking at all. Some deals are good, others not so. It's wrong to just let any takeover go through. Look what happened with Kraft/Cadburys. Link to comment Share on other sites More sharing options...
tzijlstra Posted May 3, 2014 Share Posted May 3, 2014 Not inward looking at all. Some deals are good, others not so. It's wrong to just let any takeover go through. Look what happened with Kraft/Cadburys. Did you read anything I said, or is it firmly on your blind spot? Link to comment Share on other sites More sharing options...
I1L2T3 Posted May 3, 2014 Share Posted May 3, 2014 Did you read anything I said, or is it firmly on your blind spot? Yes I did and I hope you are right. What troubles me is how Pfizer has been dealing directly with the UK government. Link to comment Share on other sites More sharing options...
tzijlstra Posted May 3, 2014 Share Posted May 3, 2014 Yes I did and I hope you are right. What troubles me is how Pfizer has been dealing directly with the UK government. Yes, I agree that is a big issue. It could end up with a situation where the UK ratifies it and the EU than slams the newly formed company with a host of limitation orders to avoid them becoming too strong in certain markets. At that point Pfizer will just slam the EU and go ahead with it anyway because they know there is no mileage in competing with each other. If the UK government wasn't so stubborn about the EU they could use it to stop the merger full stop. Link to comment Share on other sites More sharing options...
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