This week, the UK Government announced new draft powers under the National Security and Investment Bill (the ‘Bill’) to screen certain deals on national security grounds. The proposals apply to takeovers and investments (including minority share acquisitions) by foreign buyers in a wide range of industries from defence and technology to energy, transportation and communications. Unlike under standard UK merger control rules, the new regime will apply regardless of the target’s revenues, or both parties’ market shares in the UK. It will also apply to investors from any country. These proposed powers mirror those adopted by an increasing number of countries around the world to guard against foreign direct investment in strategic sectors – and reflect growing protectionist tendencies amid
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