On 22 September 2021, UK GVT issued correction slip so in article 4(b): ...ordinary course of business, course of business, no... should read ...ordinary course of business, no...
Background
- On 7 Septemebr 2021, UK GVT issued rules on proposed Chinese takeover of firm.
- UK GVT issued public interest merger reference (Perpetuus Advanced Materials plc) (pre-emptive action) order 2021, re takeover of Perpetuus by Taurus International.
- Follows UK CMA September 2021 to review planned graphene firm takeover.
Purpose
- Business secretary intervened in proposed acquisition of Perpetuus by Dr Zhongfu Zhou or Taurus on national security grounds under enterprise act 2002, s 42.
- This order was made in order to to prevent actions by parties to the merger that might impede the secretary of State’s ability to protect national security.
- Order prohibits Perputuus from transferring ownership/control of the business to other persons; steps being taken to integrate Perpetuus with Dr Zhou’s business or Taurus.
- The supply of goods and services by Perpetuus to Dr Zhou’s business or Taurus.
- Dr Zhou’s business or Taurus taking ownership or control of Perpetuus; and Perputuus disclosing trade secrets, commercially-sensitive information and intellectual property.
