A PYMNTS Company

Britain Intervenes In Takeover Bid By US Aerospace Firm Parker For Meggitt

By  |  October 18, 2021

On Monday, October 18, the UK announced it was intervening in a proposed US$8.65 billion takeover by US aerospace firm Parker-Hannifin of its British rival Meggitt, reported Reuters.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Citing national security grounds, business minister Kwasi Kwarteng issued a so-called “intervention notice” to review the impact of the takeover.

    “The UK is open for business, however we will take steps to protect our national security when necessary,” Kwarteng said.

    This past August Parker had agreed to buy UK’s Meggitt and promised a series of commitments, including on UK jobs.

    According to Reuters, the planned takeover was the latest by US investors for British firms which have become attractively priced after the COVID-19 pandemic and Brexit which hit the value of the pound.

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.