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Meggitt Gains as Britain Clears the Way for £6.3 Billion Takeover by Parker

The headquarters of Meggitt Plc in Coventry, UK.

The headquarters of Meggitt Plc in Coventry, UK.

Photographer: Darren Staples/Bloomberg

Meggitt Plc rose after Britain said national security concerns tied to the aerospace supplier’s agreed £6.3 billion ($7.7 billion) sale to US-based Parker-Hannifin Corp. have been allayed.

The stock reached 790.80 pence in early trading Wednesday, the highest since Sept. 7 last year, after the government said late Tuesday that Business Secretary Kwasi Kwarteng is minded to accept legally binding undertakings given by Parker, whose all-cash offer is worth 800 pence a share.