Feb 19, 2017
May orders officials to examine Unilever bid
Theresa May has ordered her top officials to examine Kraft Heinz's proposed takeover of Unilever to see if it raises concerns for the wider British economy and merits government intervention. The $143bn takeover approach is a big test for Mrs May's industrial policy: last year she criticised Kraft's 2010 takeover of the British chocolate maker Cadbury - the US company reneged on a promise to retain factories and jobs in Britain - and vowed to introduce new restrictions on foreign takeovers. The prime minister's team has held talks with both Unilever and Kraft Heinz - a company known for its aggressive cost-cutting - to see what the implications of its plans are for jobs, research and development, as well as for Unilever's headquarters operations and listing in the UK. Unilever has 7,500 staff in the UK, based at its London headquarters and three research facilities at Port Sunlight, Colworth and Leeds. Last week Tim Farron, the Liberal Democrat party leader, said of the Unilever approach: "This deal would not be happening without Brexit. The government's industrial strategy has been completely undermined by its determination to leave the single market." Mr Cable said there were mechanisms that the government could use to prevent any deal against the national interest - noting that a potential purchase of Unilever was "Even bigger than Pfizer-AstraZeneca in terms of scope, and we managed to see that one off".
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