Manchester United bidder Jim Ratcliffe has lashed out at the UK’s Competition and Markets Authority (CMA) after his deal to buy another firm was blocked.
Dubbing the regulator as “aggressive,” Ratcliffe argued the CMA and UK government were “becoming increasingly hostile to business”.
Ratcliffe’s oil and gas business Ineos had sought to buy the concrete additives wing from Swiss group Sika for £790mln, but the latter pulled out of the deal in March following competition concerns from the CMA.
American private equity firm Cinven ultimately bought the company, prompting Ratcliffe to slate the CMA on Tuesday.
“This is yet another example of a deal being stopped that would benefit the UK and handed over to the Americans, who were absolutely delighted,” he lashed out on Tuesday.
“The CMA is building a reputation as an overly aggressive regulator with little regard for the impact of its decisions on UK business.”
A CMA spokesperson responded that the deal could have led to competition problems down the line.
“We note that Ineos is one of only three major suppliers of a key product that Sika and its competitors rely on,” they said.
The CMA had previously been criticised for making Britain “closed for business” after blocking a merger between gaming giant Activision Blizzard Inc (NASDAQ:ATVI) and Microsoft Corporation (NASDAQ:MSFT).
Ratcliffe is currently bidding to buy Manchester United off the Glazer Family, though recent reports suggest Qatari investors could be close to pipping the Ineos owner for the Premier League club.
Whether Ratcliffe is successful in his bid remains to be seen, with speculation having been made over Ineos-owned exploration rights to shale reserves beneath the clubs’ training ground.