On 11 May 2022, UK CMA reported business secretary Kwasi Kwarteng ordered phase 2 probe of Taurus International's takeover of Perpetuus on national security grounds.

• Kwarteng has quasi-judicial powers under Enterprise Act 2002 to intervene in certain mergers on public interest grounds; this decision follows the phase 1 process during which CMA investigated the potential competition implications of transaction.
• The investigation concerns the anticipated takeover by Shanghai Kington Technology Limited and others of The Perpetuus Group (including Perpetuus Energy Limited, Perpetuus Advanced Materials plc, and Perpetuus Carbon Technologies Limited).
• UK CMA considered it does not believe the transaction may be expected to result in a substantial lessening of competition (SLC) within a market or markets in the UK.
• Kwarteng deems national security remains relevant, thus warrants more investigation.
• Perpetuus Group is a group of UK companies active in the functionalization of graphene and other nanomaterials, which have a range of strategic applications.
• UK GVT will ensure the transaction's implications are fully considered; it has 24 weeks, with possible 8-week extension, until 26 October 2022 to investigate, deliver final report.