Sunday, 20 October, 2019


GKN hostile takeover bid by Melrose should be blocked, say MPs

GKN hostile takeover bid by Melrose should be blocked, say MPs GKN hostile takeover bid by Melrose should be blocked, say MPs
Noah Ferguson | 09 March, 2018, 17:19

The turnaround specialist offered £7.4bn for GKN in January but the United Kingdom engineer has recommended shareholders vote against the deal because it believes it undervalues the firm. Melrose is now locked in a hostile takeover battle with GKN, one of Britain's largest and oldest engineering groups.

The Committee called on Melrose to submit its proposed acquisition to the regulator for approval to show the security of the retirement scheme.

The call - from the work and pensions select committee - comes ahead of today's hearing by the business, energy and industrial strategy (BEIS) committee into the impact the £7.4bn hostile takeover could have on United Kingdom industry if it is successful.

"We will look at what POUs can be given at the moment our bid gets to a stage where that could happen", Peckham said, adding that these pledges could cover areas including research and development at GKN and maintaining the engineer's brands.

The Times reported this morning that Melrose's chief executive Simon Peckham was forced to make concessions with MP's on the business, energy and industrial strategy committee questioning the turnaround specialist's commitment and track record for growing British businesses.

A group of 16 MPs have written to business secretary Greg Clark calling for the government to block Melrose's £7.4bn hostile bid for GKN.

Frank Field, the chair of the parliamentary work and pensions committee, has urged Melrose to seek clearance voluntarily from Britain's pension regulator for its GKN bid.

"A great British engineering firm is in play and at risk of being dismembered and sold on by Melrose".

"A takeover of GKN by Melrose is highly likely to mean the break-up of GKN, and the selling on - and possible disappearance - of several of its constituent important components including its aerospace, driveline, powder metallurgy and additive divisions".

"GKN is one of the most prominent engineering firms in the United Kingdom, the third biggest in our country".

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