British companies could receive added protection from foreign takeovers under new government proposals – just months after Theresa May cast doubt on a nuclear-power-station deal with China. The proposals have been presented as being “in the interests of national security.” May suspended progress on a nuclear-power plant being built in Somerset, in which the Chinese had a central role. China General Nuclear (CGN) agreed to take a 33-percent stake in £18-billion ($23.8-billion) Hinkley Point C project, alongside French firm EDF. However, progress on the project was paused by May in one of her early acts as Prime Minister in order to allow closer examination of the details. CGN was “delighted” that Theresa May eventually agreed to the partnership, but the new proposals seem to indicate that something got her spooked. Business Secretary Greg Clark said the new rules will allow state intervention in the case of businesses that involve “the advanced technology sector,” and companies that “design or manufacture military and dual-use products.” Although Clark did not mention China by name, the country’s growing pre-eminence in those sectors is widely recognized. “It is right that every so often the Government reviews its mergers regime to close loopholes where they arise and this is what these proposals do in the area of national security,” Clark said, ahead of a consultation on the plans. “No part of the economy is off-limits to foreign investment and the UK will continue to be a vociferous advocate for free trade and a magnet for global talent.”
Russia Today 18th Oct 2017 read more »
Ian Holcroft joins Murphy at the start of November from the Hinkley nuclear power station project where he has been leading the procurement for Bylor, a joint venture between Laing O’Rourke and Bouygues TP.
Construction Index 19th Oct 2017 read more »