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Lord Mandelson demands changes in takeover code

After the Cadbury takeover by Kraft Foods, Lord Mandelson has again taken up the baton for "UK companies" with a number of suggested changes to the UK takeover code. He has also expressed an opinion about the investment styles and strategies of UK fund managers amid calls for more "long termism" and greater transparency during potential bid situations.

Some of the more prominent suggestions from Lord Mandelson include a reduction of the share stake disclosure level during a bid situation from 1% to 0.5%, greater transparency with regards to adviser's fees and a requirement for the predator to confirm short, medium and long-term finance strategies. While many of the suggestions and comments from Lord Mandelson will make headline news tomorrow, the City is becoming more and more concerned about political meddling in investment markets. This comes at a time when the UK government is looking to curry favour with UK voters by attacking those in the financial sector.

Whether or not any of these particular changes suggested by the government will go through remains to be seen but this constant criticism of the UK financial sector is starting to annoy many. There is no way on earth the government can (or should be allowed to) influence the investment timescale of any one fund manager and tie them into some kind of plan to protect UK companies in the longer term.

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