Boss who sold off British firms sits on takeover panel

The man who sold Britain’s biggest technology company to the Japanese and two other firms to foreign vultures is sitting on the UK’s takeover watchdog.

Stuart Chambers, who was chairman of ARM holdings when they were bought by Japanese Softbank, plays a key role in deciding whether takeovers should go ahead.

Chambers was also chief executive of Pilkington glass when that was sold to Japanese investors, and later chairman of packaging company Rexam when that was bought by Americans. his appointment to the panel was branded ‘a disgrace’ by a City investor.

James Anderson, who runs Scottish Mortgage, said Chambers failed to do his job properly when he recommended the takeover of ARM by Softbank to shareholders. he said: ‘It’s a disgrace that this man is on the Takeover Panel.’

Anderson claimed Masayoshi Son, chief executive of Softbank, was now boasting ‘ARM can be bigger under his ownership than Google’.

Chambers, 61, justified the takeover by arguing it was supported by shareholders who were focused on short term gains.

Yesterday he rejected Anderson’s criticisms, adding: ‘I share his frustration but bluntly he was in a tiny minority. The capital markets are not prepared to take that long term a view. I do not understand the view that the chairman of a plc can advise a board to fly in the face of the wishes of 90pc of the shareholders. That’s an abrogation of fiduciary responsibility.

‘Decisions of this nature are very difficult for both boards and shareholders alike.’

his row with Anderson erupted as both the Takeover Panel and the Government are reviewing their approach to foreign deals.

There is growing concern that scrutiny of deals is too lax, with the weak pound making British firms more vulnerable to overseas buyers.

A spokesman for the panel declined to comment last night.