GKN loses independence battle to Melrose

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Melrose Industries has won control of the UK engineering giant GKN

The investment company said it had the support of approximately 52.43% of GKN investors.

Melrose, which specialises in turning around manufacturing companies, had offered £8.1bn for the company.

Although GKN had offered to make a number of changes to the business, including selling off its Driveline car parts division, it was not enough and voted for the Melrose offer.

Christopher Miller, chairman of Melrose, said: “We are delighted and grateful to have received support from GKN shareholders for our plan to create a UK industrial powerhouse with a market capitalisation of over £10bn and a tremendous future.”

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