David Prosser: Takeover Panel shoots itself in the foot
Thursday 27 May 2010
Outlook How wonderful our system of regulation is. In publicly censuring Kraft for the way in which it led people to believe it would reverse Cadbury's plan to close a factory only to change its mind once its hostile bid for the confectioner succeeded, the Takeover Panel has damaged only itself.
Kraft may be embarrassed by this episode, but the deal is done and the Panel's rebuke will cost it nothing more than some red faces. The regulator, on the other hand, will now have to start the search for its next director-general all over again. It had lined up Lazard's Peter Kiernan for the role, but since Kraft was advised by Lazard during the Cadbury takeover, Mr Kiernan no longer feels able to take up the position.
That presumably means the Panel's review of the takeover rules will also take a little longer to complete. The review was triggered by weaknesses in the rules that the Kraft case was perceived as having highlighted. Now Kraft's behaviour will delay any improvements deemed necessary.
- 1 Fifty Shades of Grey trailer released: First look at Jamie Dornan as Christian Grey
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 50 books for students to read this summer: From Ernest Hemingway to Gillian Flynn
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Rebecca Hall on her film career so far: ‘I’ve played too many repressed neurotics’
Israel-Gaza conflict: Israeli targeting policy under scrutiny after shellfire hits a mother and child, a school full of refugees and a doctor’s home
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Iraq crisis: Isis orders Mosul shop keepers to cover mannequins
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
iJobs Money & Business
£60000 per annum: Harrington Starr: Trade Desk Specialist (Linux, Windows, FIX...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£70000 - £90000 per annum + Job Satisfaction: Harrington Starr: Project Manage...
£300 - £350 per day: Harrington Starr: C#.NET Developer C#, WPF,BLL,MVVM, SOA...