Aerospace trade body CEO calls on the Government to intervene in the £4bn takeover of defence contractor Cobham
The CEO of an aerospace trade body has called on the Government to intervene in the £4 billion takeover of Cobham
The chief executive of an aerospace trade body has called on the Government to intervene in the £4 billion takeover of Cobham.
ADS Group boss Paul Everitt urged ministers to secure ‘appropriate commitments’ from the buyer of the Devon-based defence contractor, which is a leading supplier of air-to-air refuelling technology and satellite hardware.
Under plans revealed last week, Cobham is set to be taken private by US-based private equity group Advent International if enough shareholders support a deal.
But the bid – which is opposed by Cobham’s biggest shareholder Silchester International Investors – has sparked concerns about the impact it could have on British jobs and expertise.
Everitt said he supported the deal and hailed Cobham as a ‘fantastic business’.
But in a tweet he said: ‘Cobham is a major UK industrial asset and the new government should secure appropriate commitments from its buyers.’ A government spokesman said it was ‘closely monitoring’ the takeover process.