8th Mar 2018 13:27
LONDON (Alliance News) - Turnaround specialist Melrose Industries PLC said Thursday shareholders have approved its proposed takeover of GKN PLC, with the EU Commission also giving the deal clearance.
In January, Melrose made an unsolicited GBP7 billion bid for the FTSE 100-listed engineer GKN. Since then, GKN's board has repeatedly called on shareholders to reject the offer and characterising it as "low price and high risk".
Melrose said in late February it was the only team capable of unlocking GKN's potential, pointing to a drop in margins in all three of GKN's divisions in the latter's 2017 results, which were released on Tuesday last week.
Melrose shares were down 0.4% on Thursday at 214.20 pence each. GKN shares were flat at 420.30p.
Related Shares:
MelroseGKN PLC
