UK car parts firm TI Fluid Systems bought by Canadian rival in latest overseas takeover

Up to 2,700 jobs worldwide likely to be cut at London-listed company, including at its base in Oxford

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The car parts maker TI Fluid Systems has become the latest London-listed firm to succumb to an overseas takeover, in a £1bn deal.

The takeover by Canada’s ABC Technologies includes cutting as many as 2,700 staff globally, 10% of its workforce, with staff levels at its headquarters in Oxford being reduced by a third.