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Ultra Electronics : MEGGITT STILL EXPECTS US TAKEOVER BY NEXT YEAR

10/20/2021 | 01:21am

British aerospace and defence firm Meggitt said yesterday it expects its takeover by US rival Parker-Hannifin to be completed next year as planned after the UK Government intervened citing national security reasons. The Government said on Monday it was intervening in the proposed £6.3bn takeover, with business secretary Kwasi Kwarteng issuing a so-called "intervention notice" to review the impact of the takeover. Kwarteng also intervened in the US takeover of Ultra Electronics, another British defence firm, in August. Meggitt said it continues to expect the deal to close in the third quarter of 2022. Shares at the firm remained stable yesterday, up slightly at 0.03 per cent at the close.

(c) 2021 City A.M., source Newspaper

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