29th Mar 2018 12:42
LONDON (Alliance News) - GKN PLC said Thursday that Goldman Sachs Group Inc nearly halved its stake in the FTSE 100-listed engineering firm after a transaction on Monday.
Goldman held 115.4 million voting rights in GKN after the transaction, equivalent to a 6.4% stake in the 1.72 billion shares outstanding. Prior to the transaction, Goldman held a 11.8% stake in the firm.
Shares in GKN were 0.4% higher at 424.60 pence on Thursday.
The transactions comes amid the final run-up to the decision by investors, due by Thursday, as to whether or not to accept the GBP8.4 billion hostile takeover bid from Melrose Industries PLC. GKN advises shareholders to oppose the offer, instead pursuing a strategy in which it sold its automotive business to US firm Dana Inc in order to focus on its aerospace unit.
Related Shares:
MelroseGKN PLC
