Sir Nigel Rudd hits back at moniker of ‘Sir Sell-Off’, insisting he would support government intervention in takeovers under some circumstances
Meggitt chairman Sir Nigel Rudd has hit back at his moniker of ‘Sir Sell-Off’, insisting that he would support government intervention in takeovers under some circumstances.
Rudd, 74, has been dubbed The Man Who Sold Britain after flogging several major companies to overseas bidders. Meggitt is the latest – its board has agreed to an 800p-pershare offer from Parker Hannifin.
It faces a rival 900p offer from Transdigm, another US company. Rudd told The Sunday Times that if a suitor were to try to win the race for Meggitt on price alone, ministers would need to step in.
‘Sir Sell-Off’: Sir Nigel Rudd has been dubbed The Man Who Sold Britain after flogging several major companies to overseas bidders
‘It’s the Government’s job to look after national interests,’ he said. ‘It’s more difficult for the chairman of a public company, because we have a fiduciary duty [to shareholders].’
On the seven companies he has flogged, and hitting back at his nickname, Rudd added: ‘I could spend the next hour telling you why I did.’