May must ‘protect prize assets’: Lord Myners weighs into Unilever takeover debate

May must ‘protect prize assets’: Lord Myners weighs into Unilever takeover debate

Lord Myners, the man credited with protecting UK apparel and supermarket chain Marks & Spencer from a takeover staged by Topshop boss Sir Philip Green when Myners was Chairman of the upmarket retailer, has hit out at the UK Prime Minister, Theresa May, for failing to ‘protect prize assets’; from ‘opportunistic dealmakers’, according to a report published by The Daily Telegraph.

“The UK’s takeover rules are the most permissive in the world. They do nothing to discourage the likes of Kraft Heinz seeking to buy businesses to turn a quick profit. Does the government really believe this constant garage sale is good for the national economy and society at large?” he wrote in the Sunday Telegraph.

Myners’ comments come just days after Unilever CEO PaulPolman called on the government to usher in a greater level of protection forBritish firms following the failed Kraft bid for the Anglo-Dutch FMCG giant.

Unilever is rumored to have put its margarine business, whichincludes brands such as Flora, Bertolli and Stork, up for sale for an estimate£6 billion. Bain Capital, CVC and Clayton Dubilier & Rice are all said to be working on offers, while Kraft-Heinz is also said to be in the running.

 

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