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<p>On the basis of the available data, which is limited to evidence from: Capital
IQ on mergers and acquisitions with a value of £1 million and above; Pitchbook on
transactions with a value below £1 million, and; Orbis on the number of indirect mergers
and acquisitions, the proposed amendment, which would remove the 15% mandatory notification
threshold from the National Security and Investment Bill is assessed as de minimis.
Nonetheless, we do expect this to reduce the number of acquisitions subject to mandatory
notification.</p><p> </p><p>Irrespective of this change, the Bill continues to include
the power for the Secretary of State to call in acquisitions at or below 25% of shares
or votes in qualifying entities across the economy where they reasonably suspect that
it has resulted in, or may result in, the acquisition of material influence over the
policy of the entity and they reasonably suspect that this that this has given, or
may give rise to, a risk to national security.</p><p> </p><p>Therefore, we do not
expect there to be any impact on the Government's ability to protect the UK's economy
and critical national infrastructure from hostile actors.</p>
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