World News – GB – Government considers retrospective law to block foreign takeovers

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National Security and Investment Bill may offer powers to unwind agreements already made

A new law that could retrospectively block foreign acquisitions of key UK companies is being considered by the government

The proposed legislature could also give the power to tackle deals that have already been sealed, meaning past deals could be unwound as ministers try to protect critical businesses in areas such as defense and infrastructure

The National Security and Investments Bill, which could be released as early as this month, could include powers allowing officials to intervene in foreign takeovers of companies deemed to affect national security, Bloomberg reported

The development follows concerns over the role of Chinese telecoms company Huawei in building Britain’s 5G network

Ministers ordered telecoms operators to remove all Huawei equipment from UK 5G networks by 2027

The move came after the Trump administration accused Huawei of having a close relationship with the Chinese government and military, saying its equipment could create a security risk

Chinese funding to help build the new Hinkley C nuclear power plant in Somerset has also raised concerns, but the project has moved forward

Outlining its plans to protect the UK last year, the government said it would tighten controls by « adding conditions to a deal or blocking the deal as a last resort »

While the exact proposals to be submitted to Parliament for a vote have not been approved, according to Bloomberg, they can be used to target a particular deal, although that is not certain Parts of the project are also believed to be of law aim to strengthen intellectual property protection and university partnerships

A government spokesperson told Bloomberg: “The bill will be introduced when parliamentary time permits and remains a priority on the government’s agenda »

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News from the world – GB – Government considers retrospective law to block foreign takeovers



SOURCE: https://www.w24news.com/news/world-news-gb-government-considers-retrospective-law-to-block-foreign-takeovers/?remotepost=417998

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