Anger at Tory plans for panel

Directors at the Takeover Panel, the body that helps to regulate company conduct during mergers and acquisitions, are furious at Tory plans to merge the organisation with the Financial Reporting Council and the UK listing authority.

The shadow Chancellor, George Osborne, detailed plans in July to overhaul the way in which the City operates, which included scrapping of the much-maligned regulator, the Financial Services Authority.

The proposals also included plans to merge the Takeover Panel with other bodies, a suggestion that has enraged many within the organisation. One senior panel member said: "The Takeover Panel boasts an exemplary record so why would one want to change it? I hope Mr Osborne and his crew have the sense to ditch these proposals. They are absurd."

The Tories, who begin their conference in Manchester today, are expected to consult on the issue before any changes are made.