Cobham’s deal gets grounded

Minister cites national security for probe

THE Government has ordered a probe into the controversial £4billion US takeover of British defence giant Cobham.

Business Secretary Andrea Leadsom asked the Competition and Markets Authority to investigate “on the grounds of national security”.

The intervention comes days after 93 per cent of Cobham shareholders voted to back the takeover.

However, the sale has provoked a backlash from politicians down 6.3 at Andrea Leadsom 7314.1 Ferguson GlaxoSmithKline Halfords Hays HSBC Imperial Brands International Airlines Grp ITV Kingfisher Land Securities Legal & General Lloyds Marks & Spencer Morrison National Grid Next Ocado Pearson Prudential Reckitt Benckiser 6066.0 1647.0 169.9 148.4 609.6 2156.0 450.0 125.3 195.2 841.0 244.1 53.0 201.9 200.1 846.6 6170.0 1344.0 861.4 1467.0 6287.0 and the family of Cobham’s founder.

Cobham, which employs about 10,000 people, pioneered the technology for air-to-air refuelling. Its products have been used in Concorde, F-35 fighter jets and the International Space Station. -4.0 +1.2 -2.1 -3.4 -2.4 +11.5 +8.4 +1.3 -6.4 +8.8 -1.7 -0.2 -2.2 -2.6 +3.1 +30.0 -6.5 -8.6 +4.0 +1.0 Oil Leadsom said the Government wants to “support private sector innovation while safeguarding the public interest”. The CMA has until October 29 to report back to her = $64.17 RELX 1880.0 Rentokil Initial 448.7 Rio Tinto 4263.5 Rolls-Royce 803.0 Royal Dutch Shell B 2339.0 Royal Mail 217.4 RSA 531.2 RBS 204.5 J Sainsbury 214.2 SSE 1228.0 Severn Trent 2102.0 Serco 149.7 Sports Direct 282.8 Smith & Nephew 1910.0 Smiths WH 1995.0 Stagecoach 134.8 Standard Chartered 680.2 Standard Life Aberdeen 269.3 TalkTalk 106.5 Taylor Wimpey 160.6 Tesco 235.5 -6.0 +4.8 +0.5 -7.0 +7.0 -9.0 -3.4 +0.3 -1.1 +15.5 +24.0 0.0 +5.4 +1.5 +2.0 +4.0 -9.8 +0.3 -0.1 -3.0 +1.0 VODAFONE has announced plans to open at least 24 new stores, bucking the downbeat high-street trend. The mobile-phone firm said it will take on the premises as part of its franchise programme as it ploughs investment into boosting its retail presence. regarding the impact of the acquisition. Leadsom will then decide whether the deal is in the public interest, or if a further phase-two probe should take place.

Lady Cobham, whose late husband Michael used to run the business, said: “I’m delighted the Government has listened to widespread concerns about this takeover offer and the risk it poses to high-tech jobs and our national security.”

Cobham became the target of takeover interest after its share value slumped on the back of a raft of profit warnings and contract disputes. Thomas Cook Unilever United Utilities Vodafone Reach PLC ENDORSED Adam Peaty uses SiS energy gels 4.5 4929.0 803.4 156.2 91.5 0.0 -8.5 +8.0 -0.9 +0.3 ABOUT 300 jobs are being axed by car dealership firm Pendragon with plans to slash the size of one of its offshoots.

The firm is closing 12 of 34 Car Store sites, where buyers pick up motors they’ve bought online. Pendragon, better known for its Evans Halshaw and Stratstone chains, blamed costs for the cull.

The group dived £32.2million into the red for the first six months of 2019, from a £28.4million profit a year ago.

It added that “heightened political and Brexit uncertainty” had hit customer confidence.