Proposed acquisition of Meggitt plc by Parker-Hannifin Corporation: public interest intervention notice
Notice relating to the proposed acquisition of Meggitt plc by Parker-Hannifin Corporation.
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The boards of Meggitt plc and Parker-Hannifin Corporation have announced that they have reached agreement on the terms of a recommended cash acquisition, for which Parker will acquire the entire issued share capital of Meggitt. Meggitt shareholders voted in favour of the acquisition on 21 September 2021.
Under the , the Secretary of State for Business, Energy and Industrial Strategy has the power to intervene in mergers on public interest grounds relating to national security. This responsibility is discharged in a quasi-judicial capacity, which means that the Secretary of State must act, and be seen to act, in a scrupulously fair and impartial manner.
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 Competition and Markets Authority (CMA) will prepare a report on the proposed transaction. The CMA has until midnight at the end of 18 March 2022 to complete and submit this report to the Secretary of State.