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 What happens to your body when you give up sugar?
- 2 Licence fee: What is the BBC charge – and how will the changes affect you?
- 3 This is what the photographer has to say about the picture of a weasel riding a woodpecker
- 4 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...
£50000 - £60000 per annum + Excellent Salary: Austen Lloyd: An outstanding new...
£20000 - £21000 per annum + uncapped commission: SThree: As a graduate you are...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...