Deutsche Borse's takeover of LSE like "Germany selling BMW to Britain", says former BCC boss John Longworth

Catherine Neilan
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"Can you imagine Germany selling BMW to Britain?" (Source: Getty)

John Longworth, recently-ousted director general of the British Chamber of Commerce, has slammed the so-called "merger of equals" between Deutsche Borse and LSE, calling on MPs to intervene before the deal goes through.

Longworth, who was forced to resign just over a week ago after publicly supporting a Brexit, has warned the move could damage the City of London, forecasting jobs and businesses could move to Frankfurt.

"I think it’s ironic that the government says it believes it is so important that we maintain the City of London as a world centre of finance, yet they are allowing willy-nilly the acquisition of a strategic asset without any reference to competition authorities or any considerations of the impact it may have on the City," he told the Daily Mail.

"Can you imagine Germany selling BMW to Britain?"

He highlighted how the French government intervened when Danone was being eyed by US drinks giant PepsiCo in 2005, introducing a law to protect companies in strategic industries.

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