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.”