Business

As Nigel Rudd flogs yet ANOTHER flagship business to a foreign agency, we chart his career historical past 

Sir Sell-Off strikes once more! As Nigel Rudd flogs yet ANOTHER flagship UK business to a foreign agency, we chart the Derby man’s career historical past

  • City grandee Rudd is chairman of aerospace and defence group Meggitt
  • It has been swooped on by US industrials big ParkerHannifin in a £6.3 bn deal
  • For years, Rudd has been dubbed by his detractors as ‘The Man Who Sold Britain’

City grandee Sir Nigel Rudd is main the sale of yet one other prized British company to a foreign agency. 

Rudd is chairman of aerospace and defence group Meggitt, which has been swooped on by American industrials big ParkerHannifin in a £6.3 billion deal. 

The deal has thrust Rudd, 74, into the highlight as soon as once more. He splits opinion within the City, with many hailing him as a deal-maker extraordinaire. 

Track report: City grandee Sir Nigel Rudd is main the sale of yet one other prized British company to a foreign agency

But for years he has been dubbed by his detractors as ‘The Man Who Sold Britain’ due to his urge for food for a deal. During his 50-year career he has overseen of a slew of foreign takeovers, most notably Boots in 2006. 

He grew up in Derby and certified as Britain’s youngest chartered accountant when he was simply 20. He acquired a knighthood for providers to the manufacturing business in 1996. 

But ought to the Meggitt merger undergo, it is going to be the seventh mega-deal Rudd has overseen with an abroad purchaser and the second within the area of a year. The serial chairman’s main promoting spree happened between 2006 and 2012. During this time he bought glass maker Pilkington to Japan’s Nippon Sheet Glass for £2 billion in 2006. 

And he steered two offers with the celebrated industrial group Invensys, which bought a key division to Siemens in 2012 and the remaining to a French group, Schneider Electric, for £4.3 billion in 2013. He mixed excessive road staple Boots with Alliance Unichem in 2006 after which bought the newly fashioned company to a non-public fairness group simply a year later. 

Rudd is chairman of aerospace and defence group Meggitt, which has been swooped on by American industrials giant ParkerHannifin in a £6.3 billion deal

Rudd is chairman of aerospace and defence group Meggitt, which has been swooped on by American industrials big ParkerHannifin in a £6.3 billion deal

Another promoting spell started final year when he gave his blessing to the takeover of personal jet providers supplier Signature Aviation – beforehand often known as BBA – to American non-public fairness behemoth Blackstone. Rudd was meant to step down as Meggitt’s chairman final year however when Covid broke out the company stated he was suspending his retirement for continuity. 

Rudd and the remainder of the board have already backed the 800p per-share provide and he’ll stroll away with £2 million when he sells his shares within the group. He has already earned greater than £2.1 million in chairman charges from his time at Meggitt. 

He stated of the deal: ‘Whilst Meggitt is at the moment pursuing a sturdy, standalone technique, which can ship worth to shareholders over the long run, Parker’s provide offers the chance to considerably speed up and de-risk these plans, whereas persevering with to ship for shareholders.’ 

Whilst Meggitt is at the moment pursuing a sturdy, standalone technique, Parker’s provide offers the chance to considerably speed up and de-risk these plans, whereas persevering with to ship for shareholders

The sale is a blow for Meggitt, which traces its origins again to the 1850s when it made devices such because the altimeter for the world’s first sizzling air balloons. It now has a 9,000-strong world workforce, together with 2,000 within the UK, and makes elements for planes and army plane such because the Royal Air Force’s Typhoon jets. 

Parker has made the uncommon transfer of together with a variety of pledges upfront, which embody preserving Meggitt’s UK headquarters and investing within the company’s analysis and improvement arm. 

But in a shock transfer Business Secretary Kwasi Kwarteng is already understood to be plotting to intervene within the takeover. Whitehall sources final night time stated he was taking an ‘energetic curiosity’ and wished a lot firmer pledges from Parker-Hannifin to defend jobs and Meggitt’s business within the UK. 

The tie-up talks have been introduced alongside half-year outcomes that confirmed Meggitt had made income of £49 million within the first six months of the year – up from a loss in the identical interval of 2020 – on revenues of £680 million.    

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