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London UK Prime Minister Theresa May came under pressure to tighten takeover rules and to do so quickly, in the wake of the failed Kraft Heinz bid for Unilever.
"I use the expression sitting ducks and I’d worry about who’s next," former business secretary Vince Cable said in an interview. He added: "We have a very weak takeover code in the UK. The public interest tests are too narrow."
Politicians of all stripes say more British firms may be vulnerable, exposed to a weakened pound that makes them cheaper to foreign investors. May’s government is eager to show the UK is open for business, even as it prepares to redraw its relationship with its closest trading partners in the EU.
The $143bn offer, announced on Friday, was then abandoned on Sunday. Even if May had wanted to act against the Unilever approach, her powers are limited.
Britain’s takeover code allows interventions only if competition, media plurality, national security or financial stability might be at risk. The code shoul...
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