Globalisation was already gaining steam, and foreign capital was seeping into London. Pressure for a shake-up had been growing for years.
This is not all due to the framework that Sir Nicholas and Mr Parkinson drew up. As one banker says: "There are no more sacred cows now." The takeover or dismantling of a FTSE 100 company by a private equity firm is now common.
Hedge funds and private equity firms - essentially non-existent in pre-Bang London - now have astronomical amounts of money at their disposal for ever more audacious takeovers or to buy stakes in companies to agitate for change.
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