Is Britain Being Sold Off From Under Our Very Eyes?

[anotheoldgit]

http://www.dailymail.co.uk/news/article-2294692/Marks-Spencer-Qataris-planning-make-8billion-takeover-bid-iconic-high-street-chain.html

/// The Gulf nation's sovereign wealth fund already owns Harrods, which it bought in 2010, and has a 26 per cent share in Sainsbury's. ///

[emmie]

i am not sure we actually own much, perhaps a bank or two. M&S have been struggling for while.

[DangerUXD]

M&S is not public sector.

[Buenchico]

Shouldn't we be welcoming the fact that some British brand names are still strong enough to attract foreign investment?

[emmie]

but we don't want to see them go to foreign investors who then break up the business, or change them out of all recognition.

[LazyGun]

It may be a public icon, but it is not publically owned. In our system of capitalism and global investment, I doubt there is anything that can be done.

Remember the whole issue over the Cadbury takeover by Kraft? There was talk about amending the stockholding requirements for a hostile takeover, but nothing ever happened.

If the board recommend this bid to their shareholders, then it is up to the shareholders whether the company is sold or not, and the public will have no say on whether the brand is broken up or changed or whatever...

[emmie]

i know it's from 2011, but it's relevant to the post.

http://www.guardian.co.uk/business/2011/aug/19/hewlettpackard-autonomycorporation

[FredPuli43]

Yes! Is that a problem to you? It shouldn't be. It's in the nature of global capitalism. Take the US, for example. While M and S are a big symbol of Britain, three big symbols of America are Budweiser beer, Greyhound buses, and the ubiquitous yellows school buses. The first is owned by a Belgian-Mexican company and Greyhound and the operator of most of the school buses are Scottish (owned by First Group). Foreign ownership is universal.

[Old_Geezer]

Foreign investment sounds a good thing on the face of it, but when I ask myself whether I'd prefer all UK original assets being bought by someone else, or for UK concerns to be strong enough to buy other country's assets instead, I think it's the latter I'd prefer.

If one can not afford to reject foreign offers that must be a sign of weakness. As is if investment can not be found within the UK.

It's a fine plan if investment flows both ways to bind the world together, but not when one has sold all the "family silver" to the other.

Present agreements on trade allow the strong to prey on the weak, not just within a national market but across national borders. I'm unconvinced this is ideal. May make powerful individuals wealthy, I suspect little benefit trickles down, and it means the national governments lose control.

[jake-the-peg]

Why does it matter who owns Marks an Spencer's ?

Is this a threat to our strategic knicker supply?

A lot of Brands are owned in countries you wouldn't expect

Up to about 10 years ago the iconic American handgun manufacturer Smith and Wesson was owned by London Based Tomkins PLC.

Strangely they didn't put a Union Jack on each box!

[TWR]

Make the most of it, there's a lot more to come, did someone once say, Britain won the War?

[Gromit]

Lord Sieff will be turning in his grave.

[ludwig]

// Is Britain Being Sold Off From Under Our Very Eyes? //

You're about 30 years behind the times AOG. You must have been dozing when it happened. They're not our eyes any more either. All British eyes are now owned by a German company.

[youngmafbog]

So what? If you really don't like it vote with your feet and don't go in M&S.

It is unlikely that they will asset strip on this sort of cash. No point. They may well change the company to make it more profitable but is that a problem - more jobs in the long run usually?

[Kromovaracun]

I'd like to add my voice to those expressing complete indifference about this news.

[keyplus90]

Why don't you buy it and keep it to britain. if you do not have enough to eat then you have to start selling your belongings. And it is always a good idea to start with what you do not need anymore or something that you can do without.

[keyplus90]

Sorry aother though,

What would you rather have,

1 - Big names and different variety in your high streets owned by whoever?

or

2 - High streets full of 99p stores run by people who would not pay a penny in tax?

I know what I would rather have but I will leave you to make your own choice.

[anotheoldgit]

This isn't just about Marks and Spencer, it's about our power companies, our ports, our historical buildings such as Battersea Power Station and Admiralty Arch, Rolls Royce Cars, Bentley Cars, Jaguar, The Mini, Boots, etc, etc, etc.

http://news.bbc.co.uk/1/hi/business/5079148.stm

http://www.dailymail.co.uk/news/article-2129507/Britain-sale-Uniquely-world-Britain-sold-half-companies-foreigners-And-paying-price.html

[LazyGun]

People may well moan that their Heritage is being sold out from underneath them, but the fact remains that for the majority of those household brand names you mention, ones iften associated with Great Britain - Rolls Royce, Bentley, Boots - all of them - they are privately owned companies, and it is down to the board of directors and the shareholders whether they accept an offer or not - Thats capitalism for you; Thats global investment. Thats the predominant economic meme.

I am not a big fan of selling off the family silver - the utility companies, the infrastructure companies etc - but thats a different issue, as is the hostile takeover of a company, a la Cadburys with Craft, and HP with Autonomy ( before HP pulled out, citing irregularities in Autonomys books and valuation)