Mr Wright, MP for Cannock Chase, said City minister Lord Myners had recently complained it was "becoming too easy for good British companies to be taken over by foreign predators".

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Key players, I'm told, were the Telegraph's Lord Black who is the key fix-it man for the industry, Associated Newspapers' Peter Wright, who is the former editor of the Mail on Sunday, the editor of the Times John Witherow and the editor of the FT Lionel Barber.

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