U.K. Plans New Law to Undo Foreign Deals on Security Grounds
- Bill set to include retroactive powers to scrutinize takeovers
- Institute of Directors fears ‘chilling effect’ on investment
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Boris Johnson’s government is drawing up plans for a radical new law that would give ministers power to unravel foreign investments in U.K. companies -- potentially casting doubt on deals that have already been concluded -- to stop hostile states gaining control over key assets.
The National Security and Investment Bill is in the final stages of drafting and could be published later this month, according to people familiar with the matter who spoke on condition of anonymity because the subject is sensitive.