The UK Takeover Panel has named Guy Elliott, who was chief financial officer mining giant Rio Tinto for more than a decade, as chairman of the committee responsible for carrying out the rule-making functions of the panel.

The Panel announced this morning that it had appointed Elliott as chairman of the code committee with effect from February 1, replacing Lindsay Tomlinson, who will be retiring from the panel. The Takeover Panel administers the City Code on mergers and acquisitions, with the aim of ensuring fair treatment for all shareholders.