Ministers face mounting pressure to intervene in private equity giant’s £2.6bn attack on Ultra Electronics
Ministers are under mounting pressure to intervene in a private equity giant’s £2.6bn attack on Ultra Electronics.
The FTSE250-listed defense group provides advanced submarine-hunting technology to the Royal Navy – and it’s the target of a takeover by Advent International.
But Labor MPs have joined Tory counterparts, urging the government to intervene amid mounting fears about the threat the deal poses to national security.
Struggle: Labor MPs, including Rachel Reeves, have joined Tory counterparts and urge government to intervene amid mounting fears over threat to national security the deal poses
Shadow Chancellor Rachel Reeves, Shadow Chancellor Ed Miliband and Shadow Defense Secretary John Healey said in a joint letter to ministers: “This administration should do everything it can to protect Ultra in any takeover. The government cannot stand by again while defense technology is being offshored.’
Tory MP Tobias Ellwood, chair of the defense and security committee, said Ultra’s role as a UK military supplier could mean there are “reasons of national interest to avoid this takeover bid”.