# Private equity’s London takeover spree goes on – and the politicians ignore it

- URL: https://talkfuse.com/story/private-equitys-london-takeover-spree-goes-on-and-the-politicians-ignore-it/
- Published: 2026-09-01T16:56:59+00:00
- Updated: 2026-09-01T17:17:36+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/business/nils-pratley-on-finance/2026/sep/01/bodycote-private-equity-london-takeover-spree-politicians-ignore
- Topics: Business, Government, Markets, Politics, UK, World

## Key points

- Bodycote agrees £1.65bn takeover by US firm Veritas, ending 54 years on LSE
- Rival bidder CVC could still return with a higher offer
- Latest in a wave of foreign takeovers of London-listed industrial firms

## Summary

Bodycote, a Macclesfield-based industrial firm and the world's largest provider of heat treatment and metallurgical technologies, has agreed to be bought by US private equity firm Veritas for £1.65bn, or £1.85bn including debt. The deal is the latest in a long run of overseas takeovers of FTSE 250 industrial companies, undermining the government's stated ambition to "reindustrialise" the UK even as more British firms move into foreign ownership.

Veritas's offer of 940p a share represents only a 25% premium on Bodycote's pre-bid price, and analysts note the valuation is unremarkable, roughly in line with the company's 10-year average earnings multiple. A rival European bidder, CVC, may yet return with a higher offer, with Bodycote shares closing at 955p on speculation of a counter-bid; US firm Apollo had also shown interest at 885p earlier in the year before withdrawing. The takeover would end Bodycote's 54-year run on the London stock market, following other recent departures including telecoms firm Gamma Communications (£1.1bn) and Scottish energy firm Capricorn (£292m); Bodycote operates 130 sites across 22 countries and employs 4,000 people.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.