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Meggitt says takeover by U.S. firm Parker on schedule after UK intervention

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By Reuters

– British defence firm Meggitt said on Tuesday it expects its takeover by U.S. rival Parker-Hannifin to be completed next year as planned after the UK government intervened citing national security reasons.

Britain said on Monday it was intervening in the proposed 6.3-billion-pound ($8.7 billion) takeover, with its business minister issuing a so-called “intervention notice” to review the impact of the takeover.

Meggitt said it continues to expect the deal to close in the third quarter of 2022.

($1 = 0.7260 pounds)