Melrose reaches deal with GKN's pension scheme trustees as takeover battle continues
Melrose has silenced GKN, which said on Wednesday that it was “remarkable” the turnaround specialist failed to reach an agreement with pension trustees
Company
Melrose Industries PLC
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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GKN-Melrose takeover approval hinges on long-term view by investors, says Numis
Numis raised its rating on GKN to ‘add’ from ‘hold’ and lifted its target price to 481p from 450p
GKN tells shareholders to vote against 'opportunistic' Melrose bid as deal deadline looms
GKN said it wanted to make sure shareholders were not influenced by “misleading statements” made by Melrose as part of its “highly opportunistic offer”
GKN slams 'misleading' claims by Melrose about its pension liabilties as takeover battle rages on
"GKN has a clear and comprehensive plan to reduce its pension liabilities and eliminate the deficit in its UK pension schemes," the company said
Dana confirms plans for secondary London listing to help win over GKN investors
Dana has already agreed a US$6.1bn deal to buy GKN’s automotive business, and it is now looking to convince investors to back its offer rather than a rival bid from UK turnaround investor Melrose
Melrose and Dana sweeten deals with GKN as takeover battle intensifies
The combined Dana and GKN Driveline business will be listed in London and in New York
GKN could stop getting business from Airbus if Melrose takeover goes ahead
European planes maker Airbus - GKN’s biggest customer - said the takeover would make it "practically impossible" to keep working with the FTSE 100-listed engineer
Investments and investor services
FTSE 100 closes higher as Dow Jones climbs after host of data
Britain's blue chip index closed up around seven points, or 0.10%, at 7,139..
Dana would consider secondary listing in London to win support of GKN shareholders for Driveline merger
Dana's finance director Jonathan Collins said a secondary listing was "absolutely an option" if GKN's investors required it to support the US$6bn deal, the Financial Times reported
GKN reviews third takeover bid from Melrose Industries
“We have a clear plan; GKN does not,” said Melrose chairman Christopher Miller
Investments and investor services
FTSE 100 can’t hold gains and closes in red as sterling firms
Britain's blue-chip benchmark closed down over nine points, or 0.13% to 7,214..
GKN and Dana confirm US$6.1bn deal to merge automotive businesses, with new firm to be based in UK, listed in New York
Under the deal terms, GKN will receive cash proceeds of US$1.6bn, 133mln newly issued Dana shares - valued at about US$3.5bn based on its March 8 closing price - and will see the assumption of about US$1.0bn in pension liabilities in the me
GKN lays out strategic plan as Melrose shareholders approve hostile takeover bid
Melrose shareholders approved the company's takeover bid for GKN on Thursday and the European Commission has given it anti-trust clearance
GKN tells lawmakers it has received many approaches since Melrose hostile bid
GKN and Melrose bosses were grilled by the parliament’s business committee on Tuesday
GKN in talks to sell Driveline to Dana as it continues to fend off hostile bid from Melrose
GKN believes the deal under consideration with Dana could provide greater value to shareholders
Investments and investor services
Markets nervous ahead of Capita finals, is it ‘the next Carillion’?
Capita will be a focus on Thursday, others include Bovis House, Cobham, and National Express.
Melrose picks holes in GKN's full year results as it pursues hostile takeover
GKN repeated plans to return up to £2.5bn to shareholders over the next three years and to split GKN Aerospace and GKN Driveline into two listed companies
Investments and investor services
FTSE 100 closes in red as Powell's hawkish tone gives traders jitters
New Fed supremo Jerome Powell will likely stick to a gradual, three hikes scenario, but the case for a faster pace of tightening is growing stronger, according to Nordic investment bank, SEB
Archive
Standard Chartered to take the bow for banking results, as Persimmon starts for the housebuilders
Day ahead includes a welter of blue chip results from the likes of Standard Chartered PLC, Persimmon PLC, Direct Line Group, and GKN PLC
Melrose says its hostile £7.4bn bid for GKN has received clearance from US and Canadian regulators
In a brief statement, Melrose – which reports full-year results on Thursday– said the US Federal Trade Commission has granted early termination of the applicable waiting period under the Hart Scott Rodino Act, thereby providing clearance in