18th Jun 2018 06:58
LONDON (Alliance News) - FTSE 100-listed turnaround specialist Melrose Industries PLC is drawing up plans to sell parts of recently acquired engineering firm GKN, Sky News reported Sunday.
According to Sky News, Melrose is planning to auction GKN's Powder Metallurgy division as soon as this autumn and has hired investment bank Rothschild to advise, though the bank has not yet been formally hired. The Powder Metallurgy division makes components for automotive and industrial sector.
The sale of GKN's Powder Metallurgy unit is expected to worth between GBP1.5 billion and GBP2 billion, the news agency reported citing sources.
In March, Melrose won its hostile GBP8.4 billion takeover bid for GKN after receiving 52.43% of valid acceptances from GKN shareholders, making the merger offer unconditional. As a result, in May, GKN delisted from the London Stock Exchange.
https://news.sky.com/story/melrose-plots-sale-of-first-gkn-unit-since-8bn-hostile-takeover-11406724
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