The sale of UK aerospace component manufacturer Northern Aerospace to Gardner Aerospace Holdings has collapsed ahead of a deadline for a report by the United Kingdom’s Competition and Markets Authority (CMA) into the deal.
Concerns had been raised by the UK government over the potential national security implications of the sale to Gardner, which was acquired by Chinese firm Shaanxi Ligeance Mineral Resources Co Ltd (SLMR) in 2017.
In a statement to the London Stock Exchange on 9 July, Northern Aerospace’s parent company Better Capital PCC Limited said that Northern Aerospace and Gardner believed “that they had clearly demonstrated that there are no competition issues, and that all the matters raised by the Ministry of Defence (many of which did not actually relate to Northern Aerospace) had been satisfied”.
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