Sir Sell-off on course for a £2m windfall as shareholders give green light to Meggitt takeover

By Matt Oliver For The Daily Mail

Published: | Updated:

The chairman of Meggitt is on course for a multi-million-pound payday after shareholders backed plans to sell the defence giant to an American rival for £6.3bn.

Sir Nigel Rudd stands to receive £2million after 99.8 per cent of shareholders supported the takeover by Parker Hannifin yesterday.

Another payday: Sir Nigel Rudd stands to receive £2m when Meggitt's takeover by Parker Hannifin goes through next year

Another payday: Sir Nigel Rudd stands to receive £2m when Meggitt's takeover by Parker Hannifin goes through next year

It is the latest example of Rudd presiding over the foreign takeover of a company he chairs – leading to his nickname ‘the man who sold Britain’.

The 74-year-old also oversaw the sales of Pilkington Glass, Alliance Boots, engineer Invensys and Signature Aviation.

He owns 250,000 shares in Meggitt and has been chairman since 2015. That puts him in line for £2million under Parker’s £8 a share offer.

This is on top of £2.1million that he has earned during his six years at the company.

Meggitt makes parts for several aircraft, including military planes such as the Eurofighter Typhoon and F-35. 

It has annual revenues of around £1.7billion and employs more than 9,000 staff.

Business Secretary Kwasi Kwarteng has not ordered an investigation into whether the takeover would harm UK national security.

Parker chairman Tom Williams said: ‘The legally-binding commitments we offered alongside our recommended offer underline our intention to be a responsible steward of Meggitt, and we are engaged with the Government to finalise the commitments.’

Meggitt had a higher offer from US rival Transdigm whose interest later fizzled out

Sir Sell-off on course for a £2m after getting green light at Meggitt

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