Business secretary Kwasi Kwarteng backs £6.3bn takeover of Morrisons

business secretary kwasi kwarteng backs 6 3bn takeover of morrisons

Sumary of Business secretary Kwasi Kwarteng backs £6.3bn takeover of Morrisons:

  • In a radio interview, the Business Secretary described the deal as ‘a really good prospect’ for the supermarket and suggested it was an example of foreign investment that would create jobs.
  • But critics warned the comments showed ‘a lack of understanding’ about the predatory buyout industry, which is known for asset-stripping businesses and culling staff to make quick profits.
  • Advisers to pocket £300m windfall Bankers, lawyers and advisers stand to rake in more than £300million in fees from the sale of Morrisons, documents revealed yesterday.
  • But yesterday the Business Secretary appeared to back the sale, telling the LBC radio station: ‘Yeah, it [private equity] sounds scary.
  • But I have always campaigned for a Britain that is open for foreign investment.
  • ‘Morrisons chairman Andy Higginson talked to me about the deal and I said that this is a vote of confidence in the UK.’It is not a bad thing if foreigners want to come and buy really good assets in your country.
  • ‘It means you are attracting capital, you are attracting investment, and that creates jobs.
  • ‘However, veteran City investment manager Justin Urquhart Stewart warned the private equity firms were ‘not at all long-term investors’.

Want to know more click here go to source.

From -

Close
Generic selectors
Exact matches only
Search in title
Search in content

Site Language


By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close