Westland sale under scrutiny

AINonline
October 8, 2007, 10:01 AM

The UK government is investigating GKN’s $1.79 billion (£1 billion) sale of its 50-percent stake in helicopter company AgustaWestland on grounds of national security. Government trade and industry minister Helen Smith has issued a European Intervention Notice under the 2002 Enterprise Act.

Smith has asked the Office of Fair Trading (OFT) to investigate the sale to Finmeccanica. The OFT is required to report any national security concerns raised by the deal by October 4.

The European Commission is already examining the proposed acquisition on competition grounds.

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