GKN owner Melrose considers options after being low-balled by bids for unit November 25, 2018 GKN owner Melrose is licking its wounds after it failed to attract the right price for one of the engineering group’s key divisions. The company’s management is now considering its options after being low-balled by bidders, including private equity firms Apollo and PAI Partners, Sky News reported last night. It expected to get around £2bn [...]
Melrose waits for GKN takeover to bear fruit as automotive revenues stay flat November 13, 2018 Turnaround investor Melrose said today that it is trading in line with board expectations after buying engineering firm GKN in an £8.1bn hostile takeover earlier this year. The FTSE 100 firm, which specialises in buying and improving underperforming businesses, told investors that GKN offers "an outstanding opportunity for value creation over the medium term". Melrose reported "strong" revenue growth in its [...]
Theresa May’s new merger powers would be a hostile takeover by the state October 16, 2018 Back in July 2016, Theresa May launched her campaign for leadership of the Conservative party by promising radical action on foreign takeovers of British businesses. In the wake of Kraft’s takeover of Cadbury and Pfizer’s failed bid for AstraZeneca, May promised to defend workers and local communities from transient shareholders who, she said, were more [...]
GKN share price climbs as growing auto demand boosts sales May 6, 2015 Shares in UK manufacturer GKN ticked up yesterday after the company announced it continued to outperform the market during the start of the year. The British company, which specialises in the manufacture of components for the aerospace and automotive sectors, received a boost from a growing car market and the strength of sterling. [...]
Car parts maker GKN profits take a hit over pound February 24, 2015 Shares at car components giant GKN took a hit yesterday after its underwhelming results were blamed on a strong pound. Revenues at the company last year fell two per cent to almost £7.5bn as sterling took its toll through the company’s high exposure to foreign markets and cutbacks in military budgets. One area to show [...]
GKN tops FTSE on higher profits from car division July 29, 2014 ENGINEERING giant GKN topped the FTSE 100 yesterday, after unveiling a six per cent rise in first-half profit and hiking its interim dividend by eight per cent. The company, which supplies components for car makers such as Volkswagen and aircraft manufacturers including Airbus, posted pre-tax profit of £296m for the first half of the year [...]
London Report: GKN and Next report upbeat earnings to lift FTSE after slump July 29, 2014 THE FTSE 100 posted its first gain in three days yesterday, with upbeat earnings reports from GKN and Next lifting the mood. However, shares in BP bucked the trend, falling amid concerns on the fallout from new, tougher sanctions on Russia. The index climbed 0.3 per cent to close at 6,807.75, recovering from a 0.1 [...]
GKN’s shares climb as firm buys Williams’ hybrid power division April 1, 2014 GKN’S share price surged over two per cent yesterday, after the engineering group said it had agreed to buy a hybrid power unit from Formula One team Williams Grand Prix Engineering. The FTSE 100 firm is acquiring Williams Hybrid Power (WHP) for an initial payment of £8m. Further payments may be made depending on future [...]
GKN slides as it warns currency movements could hit outlook February 25, 2014 GKN’S share price fell more than one per cent yesterday, after the engineering firm warned that adverse currency movements could hinder its performance this year. The market reacted negatively despite the FTSE 100 firm reporting a 17 per cent rise in pre-tax profit for 2013, thanks to strong trading from its automotive business, due to [...]