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Britain intervenes in Better Capital's Gardner Aerospace deal

Published 18/06/2018, 23:14
© Reuters.  Britain intervenes in Better Capital's Gardner Aerospace deal

(Reuters) - The British government said it was intervening on grounds of national security in private equity firm Better Capital PCC Ltd's (L:BCAP) deal to sell aircraft parts maker Northern Aerospace to Chinese-owned Gardner Aerospace Holdings Ltd.

Better Capital said earlier in June that it had agreed to sell Northern Aerospace Ltd to Shaanxi Ligeance Mineral Resources Co Ltd's (SZ:000697) unit Gardner Aerospace in a 44 million pound deal.

"On Sunday 17 June 2018, the Secretary of State issued a public interest intervention notice, confirming that he is intervening in the sale on national security grounds", Britain's Department for Business, Energy & Industrial Strategy said in a statement on Monday.

The Competition and Markets Authority has until July 13 to submit a report on the competition and national security aspects of the proposed deal, the statement said.

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