GKN is allegedly plotting to sell most of its empire, including its automotive division, powder metallurgy business and the non-aero engines part of its aerospace business GKNGKN is hatching plans to sell 90 per cent of its £10 billion empire, putting thousands of British jobs at risk, according to the final attack on the company by Melrose, which has been waging a near three-month takeover attack on the FTSE 100 engineering group. In its final plea to GKN shareholders to accept its cash and shares offer valuing the group at £7.9 billion, Melrose challenged its directors to deny that not only are they hiving off its automotive division to the rival US company Dana, they are planning to sell its powder metallurgy business, and to sell the non-aero engines part of its remaining aerospace business. GKN did not deny the accusations but instead goaded Melrose directors, saying it has not had…

Source: The Times March 28, 2018 23:03 UTC