Foreign takeovers of UK companies such as that of Cadbury's by US-based food company Kraft, which resulted in job losses, have faced furious opposition in recent years Stefan Rousseau/PAManufacturers are demanding tougher controls over foreign takeovers after the acquisition of one of Britain’s most promising technology companies. The EEF, which represents 20,000 companies, said that an independent panel should be established to consider the wider impact of takeovers, such as changes to supply chains and the loss of technological prowess, when deciding the potential benefits. The demand for greater protection came as a consultation by the Takeover Panel on the rules for companies buying British businesses ended yesterday. It also coincided with shareholders approving the £550 million takeover of Imagination Technologies by Canyon Bridge, a China-backed private equity firm. Canyon Bridge said that the takeover would not be jeopardised by insider trading charges against Benjamin Chow, Canyon’s founder, which are denied.

Source: The Times November 01, 2017 00:00 UTC