Predators eyeing cheap UK firms

BRITISH firms are facing a growing takeover threat from vultures and activists seeking deals amid the Brexit-hit pound.

Europe’s largest activist investor, Cevian Capital, is eyeing opportunities to invest roughly £1.7bn profit from selling its stake in Swedish truck-maker Volvo AB to Chinese firm Geely.

Christer Gardell, the fund’s co-founder, says Brexit has created an opportunity for investors because the slump in the pound had pushed down company’s valuations.

Cevian is also looking at boosting its holding in firms such as steelmaker ThyssenKrupp, engineering group ABB, and UK insurer RSA.

It comes as Australian bank Macquarie, dubbed the vampire kangaroo for its asset-stripping ways, is looking to snap up more deals in Europe.