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LONDON, Oct 18 (Reuters) - Britain said on Monday it was
intervening in a proposed 6.3 billion-pound ($8.65 billion)
takeover by U.S. engineering and aerospace firm Parker-Hannifin
of its British rival Meggitt, citing national
security grounds.
"On 18 October 2021, acting on official advice, the
Secretary of State issued a public interest intervention notice
to intervene in the proposed transaction on national security
grounds," the government said.
Parker-Hannifin said in August it had agreed to buy
London-listed Meggitt and promised a series of commitments,
including on UK jobs, in an attempt to fend off concerns about
the deal.
The planned takeover was the latest by U.S. investors for
British firms which have become attractively priced after the
COVID-19 pandemic and Brexit which hit the value of the pound.
In August, Nvidia Corp's planned $40 billion
acquisition of chip designer ARM ran into problems when a
British regulator found it could damage competition and weaken
rivals, requiring a further lengthy investigation.
($1 = 0.7283 pounds)
(Reporting by William James and William Schomberg
Editing by Andrew MacAskill)