Skip to main content

Financial Services Authority: Takeovers

Volume 712: debated on Monday 5 October 2009


Asked by

To ask Her Majesty’s Government on what grounds the Financial Services Authority would prevent or delay a Kazakh legal entity from taking over a London-listed public company. [HL5439]

The Takeover Panel is the authority designated to supervise and regulate takeovers in the UK.

The panel’s statutory functions are set out in Part 28 of the Companies Act 2006 and include powers to make rules governing the orderly conduct of takeovers in the UK as set out in the City Code on Takeovers and Mergers.

It would therefore be for the panel to decide on issues of non compliance with the rules in respect of takeovers in the UK. They may to seek to enforce breaches of the code through the courts and the Financial Services Authority.