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Updated Wednesday, September 8, 2010 10:51 pm TWN, ONDON, Reuters

Foreign takeovers of UK companies slump in second quarter of '10: ONS

Foreign takeovers of British companies slumped in the second quarter of 2010 to their lowest in a year, falling to 2.3 billion pounds (US$3.53 billion) in the second quarter from 14.8 billion pounds in the first three months of the year, official data showed on Tuesday.

The Office for National Statistics (ONS) said that by contrast, takeovers by British companies rose over the quarter, though volumes for all mergers and acquisitions activity remain well below levels before the financial crisis.

The volume of takeovers of overseas firms by British companies rose to 1.4 billion pounds from 0.7 billion, and the volume of domestic takeovers by British firms increased to 1.9 billion pounds from 1.3 billion.

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