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You can find the current article at its original source at https://www.theguardian.com/business/2017/feb/22/uk-to-draw-up-response-to-foreign-takeovers-of-firms-business-secretary-bid-unilever-jobs-carmaker-vauxhall
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| UK to draw up response to foreign takeovers after Vauxhall row | UK to draw up response to foreign takeovers after Vauxhall row |
| (about 1 hour later) | |
| The business secretary, Greg Clark, is to outline plans on how the government should respond to foreign takeovers of UK firms in crucial sectors such as nuclear power. | The business secretary, Greg Clark, is to outline plans on how the government should respond to foreign takeovers of UK firms in crucial sectors such as nuclear power. |
| Clark told an audience at EEF’s annual manufacturing conference in London that proposals would be set out in coming weeks. | Clark told an audience at EEF’s annual manufacturing conference in London that proposals would be set out in coming weeks. |
| “We’ve taken the opportunity to look at our arrangements to make sure they’re kept up to date. We’ve said we’d do that in the context of mergers, particularly if it relates to critical infrastructure, as outlined by the Hinkley Point C decision. So we will be setting out some proposals in the weeks ahead.” | |
| Theresa May finally gave the go-ahead to the Hinkley Point C power plant in Somerset in September, after alarming the French and Chinese partnership who will deliver the plant by putting the whole project under review. | |
| At the same time as giving the green light to Hinkley, the government announced a review of its approach to the ownership and control of “critical infrastructure”. | |
| “This will allow the UK government to introduce a consistent approach to considering the national security implications of all significant investments in critical infrastructure, including nuclear energy, in the future,” it said at the time. | |
| “The changes mean that, while the UK will remain one of the most open economies in the world, the public can be confident that foreign direct investment works in the country’s best interests.” | |
| Clark’s remarks on Wednesday followed his pledge about the government’s “unbounded commitment” to protecting jobs at the carmaker Vauxhall. | |
| Fears are growing about plants in Ellesmere Port and Luton as the French owner of Peugeot and Citroën, PSA Group, presses ahead with talks to buy General Motors’ European business, which includes Opel in Germany and Vauxhall in the UK. | Fears are growing about plants in Ellesmere Port and Luton as the French owner of Peugeot and Citroën, PSA Group, presses ahead with talks to buy General Motors’ European business, which includes Opel in Germany and Vauxhall in the UK. |
| Clark said on Wednesday that Peugeot recognised the contribution of the two UK plants. | Clark said on Wednesday that Peugeot recognised the contribution of the two UK plants. |
| “There was a recognition, which I emphasised, of the contribution to the performance of Vauxhall, of the two plants and indeed the other operations that they have in this country,” he said. “They are efficient, they are successful and there was a clear recognition of that by PSA.” | “There was a recognition, which I emphasised, of the contribution to the performance of Vauxhall, of the two plants and indeed the other operations that they have in this country,” he said. “They are efficient, they are successful and there was a clear recognition of that by PSA.” |
| His comments also follow last week’s £115bn takeover bid for Unilever by Kraft Heinz. The US company walked away after the Anglo-Dutch maker of brands such as Persil, Marmite and PG Tips said the offer had “no merit, strategic or financial”. | His comments also follow last week’s £115bn takeover bid for Unilever by Kraft Heinz. The US company walked away after the Anglo-Dutch maker of brands such as Persil, Marmite and PG Tips said the offer had “no merit, strategic or financial”. |