Business Secretary Jacob Rees-Mogg is facing a key test as one of Britain’s leading technology firms looks set to be snapped up by a French rival. Rees-Mogg will have discretion on whether to call the deal in for an in-depth review. Schneider Chinese link fears Schneider Electric is a French industrial giant providing software and automation systems to improve energy efficiency in buildings and factories. There are concerns about some of its international activities, notably its joint venture with Chinese conglomerate Delixi Electric since 2007. Former Tory leader Sir Iain Duncan Smith said the Government should intervene in takeovers to ‘stop Chinese companies from taking over’ the UK’s high-tech and strategic industries.

Source: Daily Mail September 22, 2022 06:49 UTC