Takeover Panel picks Rothschild banker as next director-general

Britain's Takeover Panel, which governs mergers and acquisitions, has tapped veteran NM Rothschild rainmaker Crispin Wright to become its next director-general.

Mr Wright, 54, will take a two-year break from Rothschild, where he has worked since 1998, to take up the position in July. He will replace Philip Robert-Tissot, the former Citigroup banker, who has served as head of the body for the past two years. Mr Wright is the first Rothschild banker to head the Panel since Bill Staple in 1994.

The appointment comes at a time of heightened deal activity as companies across the globe look for growth, with several large deals being signed in recent weeks. These include Shell's takeover of oil and gas company BG Group for £55bn including debt; US canmaker Ball's £4.3bn takeover of its British rival Rexam, and the acquisition of Telefonica's UK mobile operator O2 by Hutchison Whampoa, owner of mobile operator Three.

Established in 1968, the Panel uses its rules to ensure the fair treatment of shareholders throughout the dealmaking process and its code has evolved over time.

In September, the Panel refined its rules following Pfizer's $120bn failed takeover attempt of the UK drugmaker AstraZeneca.

The changes were intended to help it distinguish between promises made by parties to an offer after both political and investor backlash to Pfizer's failed approach.

It also comes just ahead of the UK general election in May, though corporate takeover issues have not featured prominently in the run-up to the vote.

In a statement, the Panel cited Mr Wright's broad experience in different industries and types of transactions.

After starting his career in 1992 at Morgan Grenfell, now part of Deutsche Bank, Mr Wright moved to Rothschild in 1998, along with Robert Leitao, one of the City's most senior dealmakers and the head of Rothschild's global financing advisory group.

While at Rothschild, Mr Wright helped BAA, the owner of Britain's main airports including Heathrow and Gatwick, on its takeover defence against the Spanish construction group Ferrovial in 2006. BAA eventually relented to a £10.3bn bid.

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Composed of both full-time staff and seconded representatives from the legal, financial and accounting professions, the Panel is a uniquely British creation with few similar institutions around the world.

It can often be consulted on possible transactions well ahead of the general public, to ensure compliance with its code of rules.

The Panel has become a focal point of attention in recent years following contentious bid battles that draw both political and public scrutiny. It moved to strengthen the hand of targeted companies after Kraft reneged on certain promises made during its 2010 takeover of confectionery maker Cadbury.

Unfamiliarity with its rules can also trip up even the savviest of acquiring companies. Pfizer ran into trouble with the language it used to characterise its last approach for AstraZeneca and was sidelined for six months under the Panel's rules.

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