£44m Derby aerospace deal held up on ‘national security grounds’
A £44m deal that could see Derby-based Gardner Aerospace take over Northern Aerospace could be blocked by the Greg Clark, Secretary of State for Business Energy and Industrial Strategy, on national security grounds.
On Sunday 17 June 2018, the Secretary of State issued a public interest intervention notice (PIIN), confirming that he is intervening in the sale on national security grounds.
A statement from the Competition and Markets Authority (CMA) said: “The Competition and Markets Authority (CMA) is required to submit a report to the Secretary of State in accordance with section 44 of the Enterprise Act 2002 by 13 July 2018.
“The report will include the CMA’s assessment of whether it believes that it is, or may be, the case that this transaction, if carried into effect, would result in the creation of a relevant merger situation under the merger provisions of the Act and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market(s) in the United Kingdom for goods or services.
“It will also include a summary of any representations the CMA receives which relate to the public interest consideration specified in the PIIN, national security, and which are or may be relevant to the Secretary of State’s decision.”
