CBI back anti-takeover move

The Confederation of British Industry (CBI) has backed potential moves to halt foreign takeovers of UK companies by restricting the activities of short-term speculators, the FT reports.

In its submission to the Takeover Panel’s review of the rules, the CBI backs the view of Vince Cable, business secretary, that there are too many takeovers of British companies.

“The fact that we have moved from being a ‘net predator’ to a ‘net prey’ in the last few years is a concern,” said John Cridland, deputy director-general.

“The loss of local decision-making capability does matter. When it comes to big investment decisions, you may have less ability to profile the importance of the UK if you are talking to main boards that are halfway round the planet.”