Meggitt takeover by Parker Hannifin backed by investors

But the government is still investigating whether to approve the buyout of the business, which has a Meggitt Avionics site at Titchfield Park, Fareham.

At a general meeting held by the company, the takeover bid by US group Parker Hannifin won backing from 99.8 per cent of votes cast and 86.8 per cent of investors.

• Meggitt accepts £6.3bn takeover bid from US firm

Business secretary Kwasi Kwarteng is reported to have ordered an investigation into whether the takeover – as well as the separate bid for fellow UK defence contractor Ultra Electronics – would harm the UK’s national security.

Meggitt, whose headquarters moved from Bournemouth Airport to Coventry in 2020, makes parts for several aircraft, including military planes such as the Eurofighter Typhoon and F-35.

It has annual revenues of around £1.7billion and employs more than 9,000 staff.

Investor approval for Parker Hannifin’s 800p-a-share offer comes after rival US suitor TransDigm pulled out of the takeover tussle earlier this month.

• Meggitt reaffirms backing for takeover offer from US rival Parker-Hannifin

TransDigm, which is listed on the New York Stock Exchange, said it would not make a firm offer for FTSE 250 firm Meggitt, after floating a potential £7bn bid last month.

Aerospace company Parker Hannifin has already looked to make assurances to ease UK concerns over the deal, pledging to continue supplying the government, keep manufacturing and technology in the UK and ensure a majority of Meggitt’s board are British.

Following the shareholder vote, Parker’s chairman and chief executive Tom Williams said: “The legally-binding commitments we offered alongside our recommended offer underline our intention to be a responsible steward of Meggitt, and we are engaged with the UK Government to finalise the commitments.”