Takeover Panel moves to protect British-based R&D with tougher rules
Regulatory body The Takeover Panel sets out plans to introduce more transparency in pledges made by parties involved in a takeover, a move flagged by the Conservatives in their 2017 manifesto.
Somerdale chocolate factory, Keynsham, which was sold after Kraft's takeover of Cadbury. Photo: Rwendland, Wikimedia Commons
Tougher rules for taking over British companies could be introduced, after the Takeover Panel set out a plan to increase disclosure of the purchaser’s intentions post-deal.
Its consultation document calls on the offeror company to make specific statements of intention regarding the offeree’s research and development functions, staff and office locations. Both parties should also publish reports on post-offer undertakings and intention statements given during the course of the deal.
The move to improve transparency and track pledges made during a takeover process follow concerns about a number of deals involving foreign purchasers in
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