The government has approved a US private equity firm's takeover of UK defence and aerospace company Cobham.
But Cobham's founding family raised concerns about the security implications of the deal, prompting a government consultation.Cobham, which employs 10,000 people, is known for pioneering technology enabling the mid-air refuelling of planes. The firm, based in Wimborne, Dorset, also makes electronic warfare systems and communications for military vehicles.
She said:"Having considered the consultation responses and further advice from the defence secretary, I am satisfied that the undertakings mitigate the national security risks identified to an acceptable level and have therefore accepted them and cleared the merger to proceed." The company is also obliged to give the government prior notice of any plans to sell the whole, or elements of, Cobham's business.Cobham has extensive contracts with the British military and is seen as a world leader in air-to-air refuelling technology.
Lots of previous mergers involving national security and MOD have been blocked. Not surprised as it’s an American company and Boris is running the country. Seems not just NHS that will be sold to America. Our national security comprised and sold. tories
Well all the profits now go outside britain to a hedge fund no tax here how is this good just like the trains and railways and utilities
It's not 'UK approves...' though, is it? It's the UK Gov - (which is the Tories).Let's try to be accurate. Even in headlines. Even on Twitter.
Stinks and the government know it. Some one getting a back hander or a belief that private takeovers are ok . Arseholes. It will be split up and sold off by evil new owners at some point. They say Tories care more about defence. No they don't. Money talks in Thier world.
Selling the family silver again
This is a f***ing joke right Brexit meant what exactly? BorisJohnson
This is what we do, since the 80's the UK has been for sale. We do banking and bankers make money financing this. This is a trend that will continue until there is nothing left.
Take back control and make Britain great by selling everything of value to foreigners... What sane-minded Govt. would allow such a key strategic asset to be given away to maximise shareholder value? One-time payday and you've lost the asset forever. Genius.
I don't know why we don't just put the whole bloody country on ebay.
Watch out, it's redundancy time.
This is part of the cost of a trade deal with America. There is nothing this traitorous government will not do to please Trump.
And they are off, whoops there's a sell off, now it's a buy out there's some redundancies and America is the winner and unfortunately the U.K slipped and finished last.
Can't see problem; no complaints when they flogged UK steelworks to China (in preference to Putin friendly Turkish army). But why are ERG/Spartans sitting on the Huawei5g+ deal that's critical to the functionality of BoJo's WA by enabling 'borders' in cyberspace? TomTugendhat
Hope all those government ministers declared their Cobham shareholdings.......
Terrible decision. Dear say a few pockets were lined along the way.
Trump unveils his new head of US exports
Taking back control so soon
Is it right & in the national interest to fob off our defence industries to foreign ownership? Would this have been allowed if the company involved was Chinese, or indeed Russian? A governments first agenda is defence, is selling the rights to that to a foreign country sensible?
This is a complete scandal. There are obviously no industry synergies from a private equity takeover. The only prospect is the break up of a very good company and its parts being flogged off to a bunch of other overseas firms asap.
Andrea Leadsom said she was happy there was no security risk as she would be making a fortune from the deal.
piggy tory investors-their bankrolling of the eugenics freak as paid off-close ties to US big business the first share out of the clowns reign-more to come-transport chaos more cuts to social care and the grand finale the great NHS selloff swindle-NHS is NOT! safe in his hands
If the owners were so concerned about being taken over why did they sell it ? If your business gets too big and you go public you then lose control. All for the sake of greed.
I wonder how many people have read the report? It is a private company that employs 10,000 people, of which 1,700 are based in the UK. Certain employment, national security, resale and other safeguards have been put in place. Nature of business, requires Government sign off.
Tories start their asset stripping Cobham
Another British company given away by stupid Ministers, to what is more of enemy state in the same way that both Russia and china are. They government has betrayed the British people and the workers of Cobham, Calling Minister Traitors isn't to strong a statement
Loathsome Leadsome is exporting Britain's remaining high tech brain power to the U.S. Thanks Conservative Party we are now nearly defenceless. Trump is our new Churchill if Putin decides to be aggressive. You have handed the Nation's Defence over to a Barber's nightmare.
Its OK ,keep calm, Leadsom was advised by the Defence Secretary GavinWilliamson with his wonderful DEFENCE related CV of MD of fireplace manufacturer Elgin & Hall MD of pottery firm Aynsley China Also worked for an architectural design firm FFS!
The takeover of Cobham by a US equity fund must be OK, because it was jeremycorbyn who was the security risk. r4today
Our defense is being sold off to foreign powers! Why? Oh yeah this country elected the Tories, the party who make a quick buck selling publicly owned sectors and then run away. Next it will be the NHS. 'Let's get Brexit done' 🤦♂️ to the detriment of the country.
Britain ................ 'For Sale'
And so it starts. Boris Johnson selling off UK assets to his mentor Donald Trump.
Another British company taken over by the Americans. Is this the beginning of the end for post Brexit UK Defence companies!
Appears that we in the country learn nothing from history and soon we'll have nothing left to sell.
Looks like we are under starters orders. O2 to Huawei anyone?
Not much left to sell now . NHS oh don't be so silly . Why would anyone sell that ?
Trump also launches Space Force 👩🏼🚀
Prepare for job losses at Cobham
At least you will decide over yourself.. LOL..
Why is it in the UKs interest, to allow a foreign private company to own a UK defence contractor? Oh I know why! We have a Tory government... a fire sale a day keeps the socialists at bay... Even if it means profits being taken off shore.
''A takeover of UK defence company Cobham by a US private equity firm has been approved by the government after national security risks were deemed 'acceptable'.'' Tories a bigger threat to the Uk than Corbyn.
Know why this is brexshitters? Because the £ has dropped through the floor due to your unicorn dream. Expect much more of this to follow. Well done
Take back control.
I remember when Britain was a world leader in aircraft design with such hits as the Harrier Jump-Jet, the Tornado and Vulcan but now we're selling out & importing? Is this really our future? I thought we were 'Making Britain Great', not 'Make Britain someone else's' *slow clap*
Boooooooo
Another British company goes. Lady Cobham? Thoughts?
WTAF? Speaking as a veteran!
This is how we're going to unleash our potential !!, Sell all the world renowned companies to American interests.. Don't fret about the security implications, we have PROMISES.. Wasn't there something about selling the family silver some time ago.
Should the uk be selling our defence contracts to the USA?
I bet Trump would let you guys contract and build C-17's.
what's next? NHS ?
Hmm.
More British industry sold off to balance the books, fucking tories man.....
Funny how they call it defence when it’s actually all about attacking