GKN shares soar on Melrose bid, plans to separate in two
GKN shares soar on Melrose bid, plans to separate in two
GKN - Offer rejected, Automotive and Aerospace to separate
14 January, 2018, 14:05
An opportunistic takeover bid for GKN has smoked out plans for one of the biggest demergers in British industrial history.
A bid battle is now likely as Melrose, which specialises in buying struggling businesses, turning them round and selling them at a profit with the proceeds given back to shareholders, will pursue its interest despite GKN's opposition.
Instead, the firm confirmed in a statement on Friday it had chose to split out the automotive and aerospace into two separate companies as part of a two-year "transformation programme", ending months of speculation over the firm's future.
GKN is located in over 30 countries, and includes manufacturing operations in East Cowes on the Isle of Wight.
Unite said it is in close dialogue with GKN executives and its shop stewards will be meeting next week with their European counterparts to agree a coordinated response to stop a takeover.
The Melrose offer valued GKN at 405 pence ($5.48) per share.
At 405p a share, the deal would represent a 24% premium to GKN's closing price on 5 January - the day before the offer - and would value GKN at close to £7bn.
Search Continues for Missing After Mudslides in California
Sometimes, the dispatcher will just have him wait at a truck stop until the road is clear and he's able to travel again, he said. The SDFD California Task Force 8 canine search and rescue mission ready package team was scheduled to depart Wednesday at 3 p.m.
Under the stock market rules, Melrose is now required to either announce a firm offer by 5pm on 9 February, or announce that it is no longer interested.
The company said it intends to separate the businesses.
Accompanying this decision is a two year initiative (Project Boost) to improve cash and profit in both parts of the business.
The firm itself undertook a "wide-ranging review" of its business past year, as profit margins and cash generation were stuck "below expectations".
'Historically, the pension deficit has held the group together, but with the sprawling footprint likely to have contributed to recent profit warnings, the reasons for divorce now seem to outweigh the costs of splitting'.
Annual trading was in line with expectations and GKN continues to expect 2017 management profit before tax to be slightly ahead of the previous year's £678m before write-offs from its North American aerospace business, which are estimated to be between £80m and £130m.
On the appointment of Stevens as new chief executive, the firm's chairman Mike Turner said she "has the track record to transform GKN", pointing to her "successful turnaround" of The Ford Motor Company's Mexico, Canada and South America businesses and senior roles at Carpenter Technology and Lockheed Martin. Today the FTSE 250 company is valued at nearly £4.4bn.
The satellites were launched in two orbits, 30 of them at 550 kilometers from the earth and the remaining at 359 kilometers. Then another GSLV MK-II is planned to launch Chandrayaan-II moon mission in April.
The boat was capsized due to overcrowding and the boat tilted on one side while the children were having fun. The ICG diverted at least three ships and two aircraft to the site to rescue the victims, an official said.
Tunisian police have arrested 328 people after four nights of anti-austerity protests, Interior Ministry spokesman Col. Prime Minister Youssef Chahed on Wednesday accused the opposition of fueling dissent by calling for more protests.
Flores has now broken his silence on the matter and says he is settled with the La Liga side. 'I belong to Espanyol . Football brings up these kind of situations where clubs ask. here at Espanyol it is hard to move someone.
They found it harder to stop the attacks and Manuel Lanzini slid a pass through to Arnautovic who should have won the game. As such it's vital we don't slip up early, and I think the West Brom goal was avoidable.
Let's just say that between now and when I signed off previous year , I feel way more optimistic, focused, motivated, purposeful. Turns out Rory McIlroy's injured rib wasn't his only health concern in 2017.
Thankfully, the surgery was successful and a lovely , healthy baby emerged. "That was an awesome feeling", Serena recalled. On the difficulties of motherhood , Williams said, "Sometimes I get really down and feel like, "man, I can't do this".
The investment professionals in our partner's database now have: 93.25 million shares, up from 92.06 million shares in 2017Q2. The company reported the earnings of $-2.92/Share in the last quarter where the estimated EPS by analysts was $-2.29/share.
But, King said Tuesday, he mistook what the reported asked him. "She wanted it to be a uniting speech ". "She's good. Harvey Weinstein was accused multiple times by various women late past year of sexual assault and yesterday.
NBC To Stream 2018 Winter Olympics Live In VR
Christie was disqualified three times in Sochi, but has since won numerous World Championship medals, including two golds in 2017. Skeleton, with Lizzy Yarnold seeking to defend her Olympic title, is another possible medal as is bobsleigh.
Teacher among four NI deaths linked to flu
Officials with the Boise and West Ada school districts said they aren't seeing a spike in flu right now. Complications, which may be serious, can include pneumonia, bronchitis, and ear and sinus infections.
ED raids Chidambaram's houses in Delhi, Chennai
The investigating agency says the FIPB acted beyond its mandate since the investment involved was more than its limit. Karti allegedly received Rs3.5 crore for facilitating FIPB clearance for INX Media, now 9X Media.
On the Streets of Tehran, Iranians Feel Protesters' Pain
As a member of Congress at the time , Pence said he co-sponsored a resolution that passed almost unanimously in the U.S. This number has risen dramatically after tens of thousands of people joined the protests, which began last week.
The Post a timely tale of power of the press
An absolute must watch, I am going with 4/5 for " The Post ". "I think there will be more movies with female protagonists". Steven Spielberg and Tom Hanks tend to capture lightning every time they collaborate and The Post is no exception.