The UK government has called for an in-depth review of a planned acquisition by China’s Shanghai Kington Technologies of a Welsh graphene maker on national security grounds.
Kwasi Kwarteng, the United Kingdom’s business secretary, has written to the Competition and Markets Authority (CMA), ordering a so-called Phase 2 investigation of the proposed acquisition of Perpetuus Group by a group led by Shanghai Kington, which researches and develops products based on polyamide fibres. Such investigations can last six to eight months.
“The UK remains firmly open for business. However, we have been clear that foreign investment must not threaten our national security,” Kwarteng said in a statement. “I have considered the evidence presented to me and asked the [CMA] to undertake an in-depth investigation so we can fully consider the implications of this transaction.”
Graphene can be used for a variety of purposes, including strengthening plastics and making aeroplane wings lighter.
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