Following foreign take overs of Abbey National, BAA, O2 and a host of others, it has been revealed today that Whyte and Mackay, owners of a host of well known whiskey brands is to be take over by an Indian firm.
With EMI also in talks to be taken over by an American competitor, it further emphasises that under Labour we have a giant "For Sale" sign over our businesses, with little protection.
Why do we need protection ? Well when Vodafone announced recently that it wanted to take over an Indian mobile phone company, it was revealed that India has laws preventing foreign ownership of its companies.
Whilst I don't want British companies to be "protected", I would like some "balance". British companies (like the London Stock Exchange) spend millions each year protecting themselves from foreign takeovers, something their foreign competitors don't have to do. Hardly fair is it !
1 comment:
I find it hard to care.
Its arguable its a good thing. The take over of business is the selling of a business to someone else, leaving more resources to start new ventures, increasing the available jobs and boosting the economy (especially in the long term)
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