L

Lord Vaux of Harrowden (CB)

Speaking in the House of Lords on 22 July 2025

Debate

Enterprise Act 2002 (Mergers Involving Newspaper Enterprises and Foreign Powers) Regulations 2025

Contribution

I want to ask a very quick question of the Minister. Why 15%? A number of noble Lords have said very clearly that 15% does not give influence, but they are missing a very important legal right that cuts in at 10%. That is because when acquiring a company, if you are able to get 90%, you can compulsorily acquire the remaining 10%—it is called the squeeze-out procedure. For that reason, in any takeover situation, typically you put in a condition that says that you will not acquire the company unless you reach 90% or more. If you hold 10%, you can block a takeover, so why was 15% chosen, not less than 10%?

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