Now Forgemasters has been nationalised, perhaps

[NutLoose]

https://www.theguardian.com/business/2021/jul/28/sheffield-forgemasters-nationalised-after-takeover-ministry-of-defence

We should also be looking at

Ultra Electronics must NOT be sold: Skirmish with Russian submarine shows firm is critical to Royal Navy (msn.com) (https://www.msn.com/en-gb/money/other/ultra-electronics-must-not-be-sold-skirmish-with-russian-submarine-shows-firm-is-critical-to-royal-navy/ar-AAMDdPF?ocid=winp1taskbar)

especially in light of




Advent has proposed a £2.6billion takeover of the British firm, with the Ultra board 'minded' to accept the 3500p per share offer.

The Americans made the approach through Cobham, another British defence company it snapped up for £4billion last year. And that deal is being held up by critics as a reason why the buyout firm should never get its hands on Ultra.

Kwasi Kwarteng, the Business Secretary, is taking 'an active interest' and has asked officials to monitor the situation. An intervention on national security grounds is possible, should a formal bid be lodged.

Yet this is unlikely to comfort those familiar with Advent's takeover of Cobham, which was allowed after security guarantees were given to ministers.

For within 18 months of gobbling the company up, Advent broke Cobham into nine pieces and sold many of them. This is despite promises it would be a long-term investor. It has prompted calls from MPs, former ministers and military grandees for Kwarteng to stop Ultra suffering the same fate.

They fear the company could be cynically stripped of assets and sold to the highest bidder, with its crucial capabilities and expertise lost overseas.

Will Walker-Arnott, investment manager at wealth manager Charles Stanley, told BBC Radio 4: 'Let's make no bones about it, this is a private equity takeover of a key technological asset in the UK and it's using Cobham as camouflage.'

[Roadster280]

That’s quite some alarmist reporting. Completely fails to understand that both Cobham and Ultra consisted of multiple group companies long prior to acquisition. Some of those group companies being either US based, but organically grown, or outright acquisitions of US companies. Indeed acquisition of companies based in several countries. Just Like BAE. Parts of those groups may have evolved into something outside of the core markets, so it’s quite right to focus on the main effort and divest the distractions.

The notion that the Cobham of today is some quaint little organisation in Dorset making inflight refueling equipment and other aerospace spinoffs is quite outdated. Similarly for Ultra. Although they are a descendent of the mid-20th century TV set manufacturer, they have their fingers in many, many pies. In the US, I used to work hand-in-glove with one of their acquired companies, and was present through the acquisition. Due to the nature of the work, an arm’s-length board was required, which is exactly the same, if Ultra becomes US owned, but doing UK sovereign work.

Now if it was being sold to Russian or Chinese interests, that would be a different kettle of fish. It’s not though, and if UK plc is selling a company to the country that supplies its nuclear missiles, then there’s probably not that much to worry about.

[pr00ne]

It is Cobham who are proposing a take over of Ultra, not the owners. And Cobham has NOT been broken up and sold. Two elements of Cobham have been sold, parts of companies like Cobham are always being sold. Just as Cobham is also buying other operations, and bits of other companies, like the proposed acquisition of Ultra.