Company
LON:MRO
Melrose Industries PLC is an aerospace manufacturing business, centred around GKN Aerospace. Formerly, it was a holding company run with the mantra of 'buy, improve, sell' model, looking for good manufacturing businesses with strong fundamentals whose performance can be improved. But once it spun off GKN Automotive as Dowlais Group PLC in 2023, the remaining business gave up its former investment strategy to refocus on the aerospace sector.
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Laith Khalaf, senior analyst at Hargreaves Lansdown said: ‘Marks and Spencer looks like it’s going to avoid relegation from the FTSE 100 by the skin of its teeth”
Melrose now owns 94% of GKN after receiving acceptances from the engineer’s shareholders for its £8bn hostile takeover bid
Deutsche Bank raised its rating on Melrose Industries to ‘buy’ from ‘hold’ and raised its target price to 275p from 227p
Melrose will send formal compulsory acquisition notices to the GKN shareholders who are yet to accept its offer to buy the engineer
The FTSE 100 index managed to finish just above 7,500, helped by sterling's dive on the foreign exchange markets
Harry Hyman, PHP’s managing director, said: "I'm delighted that PHP has been included in the FTSE 250 and FTSE All-Share indices and believe the move marks an important milestone in the Company's history”
Melrose said the first quarter trading statement was sourced directly from GKN's management before its offer became unconditional last week
Melrose received acceptances for its offer from shareholders who hold about 81.8% of GKN on Monday
The separation is expected to be completed by early 2019
The government is assessing whether the deal raises public interest concerns
Investments and investor services
The pound is up 0.36% against the Euro at the time of writing, while it is up 0.07% against the US dollar
The FTSE 250-listed turnaround specialist clinched the deal, having set the acceptance condition for its final £8bn cash and shares offer for GKN at 50% plus one share
Archive
The day ahead includes the outcome of Melrose's hostile takeover bid for GKN and trading updates from SSE and RPC
“Where would GKN's share price have been without Melrose's approach and where would it fall to if Melrose's offer did not proceed?,” Melrose asked
The business secretary is worried Melrose will take a "short-term approach" to ownership of GKN, given its track record of restructuring businesses and reselling them
GKN shareholders have until Thursday to either back the company’s own turnaround plan or support Melrose's takeover bid.
GKN has retracted statements by its chief executive and finance director saying they were confident shareholders will back its plan to fend off Melrose's takeover bid
Sterling added 0.01% against the Euro to 1.1434, while against the US dollar, it added 0.60% to 1.4232.
The hedge fund also urged fellow shareholders to accept Melrose's £8.1bn deal
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