Monday 14 September 2020 / 7:24 PM Business / Ed Miliband

Government needs to clarify whether Nvidia takeover of ARM has legally binding assurances – Ed Miliband

Ed Miliband MP, Shadow Business Secretary, commenting on the Nvidia takeover of ARM, said:

“It remains unclear whether Nvidia’s promises about keeping ARM headquartered in the UK are legally binding assurances enforceable by the Takeover Panel. This is absolutely vital to ensure those promises have weight and – critically – they must not be time restricted.

“If the Government has failed to extract those legally binding assurances it will be a real dereliction of duty that calls into question their commitment to an effective industrial strategy.

“Labour is calling on the Government to urgently clarify whether they secured those promises and if not, whether they will intervene.”