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Takeover Panel boss defers his entrance again

THE Takeover Panel yesterday said the arrival of incoming director general Peter Kiernan had been delayed again, and it had drafted in former head Philip Remnant, chairman of the Shareholder Executive, to serve in his place.

The arrival of Kiernan, a senior Lazard banker who advised Kraft Foods on its takeover of Cadbury, had been set for 1 March but will be deferred “pending completion of some ongoing matters”, the watchdog said.

Kiernan had already been granted a three-month extension that kept incumbent director general Robert Hingley, a banker from boutique firm Lexicon Partners, at the helm.

The Takeover Panel is headed by a banker on secondment for two years. Remnant is a senior adviser to Credit Suisse and served as director general from 2001-03. He is also chairman of the Shareholder Executive, and a non-executive director of Northern Rock.