On 20 December 2019, the then Business Secretary issued an intervention notice relating to the proposed acquisition of Mettis Aerospace (
www.mettis-aerospace.com) by Aerostar (a fund established in China), either directly or through Ligeance Aerospace Technology (a company owned by Aerostar and incorporated in China).
The decision to intervene was made on public-interest grounds relating to national security under the Enterprise
Act 2002.
The Competition and Markets Authority (CMA) was asked to prepare a report on the ‘jurisdictional, competition and national security aspects of the proposed transaction’, and this was received on 13 February 2020.
It confirmed that ‘the parties no longer intend to pursue the proposed acquisition’, and the CMS has received the appropriate assurances.
The new Business Secretary has ended the intervention and lifted an order that prevented the completion of the transaction and the transfer of material or information between the parties.
This decision does not preclude the Government from using its powers again, should the circumstances change.