Foreign takeovers ‘erode’ UK defence, says founding family behind Cobham
Warning: Lady Nadine Cobham fiercely opposes takeover from US private equity firm
The founding family behind Cobham has warned MPs that Britain’s defence capabilities have been ‘steadily eroded’ by foreign takeovers.
Lady Nadine Cobham, daughter-in-law of the defence giant’s founder, has fiercely opposed a takeover by US private equity firm Advent International.
Now, along with Cobham’s former chairman Gordon Page, she has given evidence to the Commons Defence Select Committee which has been investigating the UK’s military procurement.
She told MPs: ‘The UK’s defence base is being steadily eroded through takeovers by foreign entities…valuable intellectual property and manufacturing expertise have been transferred abroad and placed under foreign control.’
Advent’s £4 billion offer has been accepted by 93 per cent of Cobham’s investors.
But the Government has asked the Competition and Markets Authority to investigate the deal on security grounds. The CMA will report to Business Secretary Angela Leadsom on October 29.
A CMA spokesman said: ‘The Secretary of State will then review this, alongside any other relevant evidence, and make a final decision.’