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Takeover Panel wants powers
THE UK Takeover Panel has started a consultation on whether it should be able to take disciplinary action against companies that make promises during the bidding process, only to break them later.
The London-based regulator said Pfizer’s recent bid for Astrazeneca – which made promises about keeping research and development in the UK – highlighted the “lack of distinction between firm post-offer undertakings and statements which are expressions of intent.”