Lord Heseltine claims private equity buyout of Morrisons is 'another example of a company going to the knacker's yard'
The private equity buyout of Morrisons is 'another example of a company going to the knacker's yard', Lord Heseltine has claimed.
The former defence secretary said it was 'disappointing' to see swathes of British companies being sold off to private equity firms, whose aim is to sell the businesses on to make a quick profit.
Concern: The former defence secretary said it was 'disappointing' to see swathes of British companies being sold off to private equity firms
As he called on the Government to review the recent spate of deals, Heseltine said: 'Morrisons is another example of a company with great values which is going to the knacker's yard.'
Share this article
A group of investors, led by US buyout firm Fortress, has put up £9.5billion for Morrisons in an offer which has been accepted by the board.
Another private equity firm, Clayton Dubilier & Rice, had already tabled a lower bid and is now expected to gazump the Fortress deal with a rival offer.
- Guides for my finances
- The best savings rates
- Best cash Isas
- A better bank account
- A cheaper mortgage
- The best DIY investing platform
- The best credit cards
- A cheaper energy deal
- Better broadband and TV deals
- Cheaper car insurance
- Stock market data
- Power Portfolio investment tracker
- This is Money's newsletter
- This is Money's podcast
- Investing Show videos
- Help from This is Money
- Financial calculators
Comments 0
Share what you think
No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards.
This is Money's brilliant guide now available on the Kindle
