Another tech company that has received millions in government grants seems set to fall into overseas ownership.
California-based, NYSE-listed Emulex has made a £80.7 million ($NZ156) cash offer to takeover Endace, the network security company founded by entrepreneur Selwyn Pellett (who resigned from the board in 2010 and sold most of his shares at the same time).
Endace – which was born out of research at Waikato University – has received more than $11 million in direct government grants, and the move is sure to reignite debate over no-strings-attached taxpayer handouts.
How come we haven’t heard Labour coming out threatening to intervene (as they did in the Haier takeover)?
Given that business and Pellett have trousered millions in Government subsidies you’d think they’d be very vocal.
So is their silence because :
David Cunliffe has signalled that he wants a Soviet style command and control economy, one where the politburo makes all the decisions.
This is truly worrying for anyone with savings or investments. Cunliffe confirms Labour would intervene in the F & P sale process…
“Such a major decision must be made by Ministers. That’s Labour’s policy.”
Shades of Stalinism and Muldoonism all in one small sentence. I can see Dancing Cossack ads already.Comment On This Article
I’ve been catching up on the weekend political shows.
Shearer has repeated Cunliffe’s out of left field policy to give Ministers the right of veto over private business transactions, like the proposed takeover of Fisher & Paykel by Haier.
This is absolutely startling policy.
What sort of signal would this send to the rest of the world?
This is economic policy by opinion poll.
God knows what sort of impact this would have on our Free Trade Agreements, let alone the impact on householders who’ve invested money in Kiwi companies on the sharemarket. The premium on their investment could be destroyed with the stroke of a Ministerial pen.
Of course Labour’s also promised to subsidise unprofitable jobs like those at KiwiRail and Solid Energy, while the Greens want to keep the jobs at Solid Energy but leave the coal in the ground.
These policies alone demonstrate Labour and their Green buddies are not fit to govern.Comment On This Article
One of Labour’s more alarming policies has been released this week, but the MSM’s obsession with the Clown Dot Con show has largely seen it slip under the radar.
TVNZ carried a cheap shot from David Cunliffe on Monday night complaining about the potential takeover of Fisher and Paykel by Haier.
Fisher and Paykel is a private company with shareholders who’ve exercised their choice to invest, in the hope that those shares will increase in value. If they can sell at a profit to Haier, then that is the way it works.
On Newstalk ZB Larry Williams was also curious about what Labour would actually do to stop the sale.
Cunliffe explained that Labour has a policy to give a Government Minister the discretion to kill deals they did not like.
This is bizarre and alarming policy.
In one breath Cunliffe claims Labour respects private property rights, and in the next he says a Labour Government would inject itself as the arbiter of private business transactions.
Instead of falling over themselves to suck up to Clown Dot Con, perhaps some real journalist might care to properly examine this frightening new Labour policy.Comment On This Article
Labour is wanting to nationalise another private company…is there any company that they don’t think the taxpayer should buy?
“The Government cannot stand aside and watch New Zealand manufacturing ripped out from New Zealand ownership,” said Labour finance spokesperson David Cunliffe.
Presumably David Cunliffe advocates for Fisher & Paykel to become a SOE. Once again though we see Labour complaining about Chinese investment but not other company buy outs. I didn’t hear them calling for the government to buy up Navman (oh that’s right, they were the government in 2004), or Selwyn Pellet’s company when he sold that to offshore investors, or Trademe when sold to Australians…for some reason Labour only ever complains when Chinese are involved.
Aaron Bhatnagar thinks there is a secret plan behind Labour’s calls:Comment On This Article