Lord Elton
Main Page: Lord Elton (Conservative - Excepted Hereditary)Finance: Hostile Takeover Bids
Lord Elton Excerpts
Baroness Wilcox
There were two questions there. One was about the Cadbury acquisition by Kraft, which raised wider questions, as we know, about short-termism and shareholder engagement. They are being considered as part of the reform of the Takeover Code and the Government’s call for evidence on the long-term focus for corporate Britain. Yes, I agree with the noble Lord on that. As to whether the Government would act to stop the takeover of a British energy company, I am unable to comment on any specific case. However, any proposed merger involving the supply of energy and its infrastructure would be subject to robust scrutiny and considered on its merits.
Lord Elton
The concerns of the four Members of the House on the other side are fairly widely shared. I declare an interest as a former member of the Takeover Panel. What are the arrangements now for keeping the Takeover Code up to date?
Baroness Wilcox
The Takeover Code is, as I have said, being reviewed at the moment. The Government strongly support the proposed changes to it, which will significantly strengthen the UK’s takeover regime.