London-listed company’s global headquarters in Oxford likely to be hollowed out, putting jobs at risk

• Business live – latest updates

Car parts maker TI Fluid Systems has become the latest London-listed firm to succumb to an overseas takeover, in a deal that will lead to its base in Oxford being hollowed out.

The £1bn takeover by Canada’s ABC Technologies includes cutting as many as 2,700 staff globally, 10% with its workforce, with Oxford set to see staff levels reduced by a third.