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| UK approves £4bn takeover of defence company Cobham | UK approves £4bn takeover of defence company Cobham |
| (32 minutes later) | |
| The government has approved a US private equity firm's takeover of UK defence and aerospace firm Cobham. | The government has approved a US private equity firm's takeover of UK defence and aerospace firm Cobham. |
| Advent International made a £4bn offer to buy Cobham in July and shareholders approved the deal last month. | Advent International made a £4bn offer to buy Cobham in July and shareholders approved the deal last month. |
| But Cobham's founding family raised concerns about the security implications of the deal, prompting a government consultation. | |
| Business secretary Andrea Leadsom has now said she is satisfied any risks have been mitigated. | |
| Cobham, which employs 10,000 people, is known for pioneering technology enabling the mid-air refuelling of planes. The firm, based in Wimborne, Dorset, also makes electronic warfare systems and communications for military vehicles. | Cobham, which employs 10,000 people, is known for pioneering technology enabling the mid-air refuelling of planes. The firm, based in Wimborne, Dorset, also makes electronic warfare systems and communications for military vehicles. |
| Mrs Leadsom said the decision had been "meticulously thought over" and came after she took advice from the defence secretary and the deputy national security adviser. | |
| She added: "Having considered the consultation responses and further advice from the defence secretary, I am satisfied that the undertakings mitigate the national security risks identified to an acceptable level and have therefore accepted them and cleared the merger to proceed." | |
| The business secretary said sensitive government information would continued to be protected under the new owner and existing contracts would be honoured. | |
| The company is also obliged to give the government prior notice of any plans to sell the whole, or elements of, Cobham's business. |