Britain to insist on commitments during takeovers
Print Edition
BRITAIN plans to force foreign buyers of British companies to make binding commitments on issues that are in the national interest such as investment in research, Business Secretary Vince Cable said yesterday.
This issue was raised earlier this year when US drugmaker Pfizer tried to take over Britain’s AstraZeneca, prompting fears it would lead to cuts in UK science jobs and research.
“What the government did then was to engage in negotiations to seek assurances. Where we now have to strengthen that is to make sure that where commitments are made, there is no wiggle room,” Cable told the BBC’s Andrew Marr show.
Pfizer gave a five-year commitment to complete AstraZeneca’s new research centre in Cambridge, retain a factory in northern England and put a fifth of its research staff in Britain, but said these pledges could be adjusted if circumstances changed “significantly.”
In 2010, US foods group Kraft, which made a successful bid for British rival Cadbury, had promised to keep one of Cadbury’s factories open, only to go back on the pledge soon after the deal was completed.
Cable said the government was discussing its options with the Takeover Panel, which oversees mergers and takeovers involving British companies.
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