What's happened
Bids for Intertek, Tate & Lyle, and Hiscox reflect a surge in UK-targeted M&A as foreign buyers capitalise on cheaper valuations. Intertek is minded to recommend EQT’s £10.6bn offer, Tate & Lyle has received a $7.5bn bid from Ingredion, and Hiscox is attracting interest from Canada’s Intact Financial.
What's behind the headline?
Key dynamics
- Foreign buyers have been the main catalyst for UK M&A, accounting for a large share of deals by value.
- Intertek’s potential £10.6bn sale to EQT could be the UK’s biggest private-equity takeover since 2007, highlighting ongoing appetite for large, complex deals.
- Tate & Lyle’s approach from Ingredion signals cross-border geographic shifts for UK-listed assets.
- London-listed insurers like Hiscox are attracting strategic interest as part of a broader wave of overseas bids.
What this means for readers
- UK equities are a focal point for international capital, potentially affecting pension funds and investment portfolios.
- The UK’s regulatory and market structure continues to support inbound investments, reinforcing the country’s role in global dealmaking.
- Investors should watch for further bids and how board decisions align with strategic reviews.
How we got here
UK dealmaking has surged this year, with foreign bids driving activity. Intertek, Tate & Lyle, and Hiscox have been at the centre of takeover talks, underscoring the UK’s established takeovers landscape and global investor appetite. The FTSE 100 valuations have been discounted relative to peers, contributing to higher deal flow.
Our analysis
Reuters has highlighted the EQT-intertek development and global deal context, while The Guardian and The Independent report on Ingredion’s Tate & Lyle approach and Hiscox bid interest; The Independent notes Tate & Lyle’s share price reaction and previous deals. Reuters provides data on deal volumes and regional share of M&A by value.
Go deeper
- What is the likelihood of EQT's takeover succeeding at Intertek?
- Could Ingredion's bid for Tate & Lyle be followed by more US acquisitions of UK firms?
- How might UK regulators respond to this wave of foreign bids?
More on these topics
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Ingredion Incorporated - Food company
Ingredion Incorporated is an American multinational ingredient provider based in Westchester, Illinois producing mainly starch, modified starches and starch sugars as glucose syrup and high fructose syrup.
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Intertek - Company
Intertek Group plc is a British multinational assurance, inspection, product testing and certification company headquartered in London, England. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.