UK defence giants Ultra and Meggitt a step closer to foreign ownership - NewsBreak

Two British defence companies are a step closer to being taken over by foreign-backed firms.Cobham Group, which is owned by US private equity house Advent, confirmed it has agreed a £2.57 billion deal for London-listed Ultra Electronics.And rival defence group Meggitt reaffirmed its plans to accept a £6.3 billion bid from US business Parker-Hannifin and said the stock market's Takeover Panel will set a deadline on another rival, TransDigm, to make its own £7 billion bid binding.Bosses behind the Cobham bid for Ultra Electronics also said they would agree to binding commitments to the UK Government which has been...