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Firm could increase bid for engineering group as concerns grow over impact on UK industry
The hostile battle for control of GKN, one of Britain’s oldest engineering groups, is expected to come to a head this week as it reports annual results, which could prompt an increased bid from Melrose.
The aerospace and automotive parts manufacturer is fighting for its life after rejecting a £7.4bn offer from Melrose, a corporate turnaround company that specialises in buying unloved industrial assets, improving the financial returns and selling for a huge premium.
Related: Vote Leave donations raise further concern over Melrose's GKN bid
Continue reading...Unite demands to know if Melrose bosses who donated thousands support a hard Brexit
Political efforts to force the business secretary, Greg Clark , to intervene in the hostile takeover bid for industrial giant GKN have intensified with an accusation by Britain’s largest trade union that bosses of bidder Melrose support a hard Brexit that will damage manufacturing jobs.
Research by Unite shows Melrose’s executive chair, Christopher Miller, and his wife, Monica, donated £37,500 to Vote Leave in the runup to the EU referendum while the vice-chair, David Roper, donated £20,000 – a pro-leave stance that the union says justifies blocking the£7.4bn deal unveiled last month.
Continue reading...Email appears to contradict Topshop owner’s statement that retail empire is not up for sale
Sir Philip Green asked HSBC to help him find a buyer for his sprawling retail empire, according to a leaked email that casts doubt on the tycoon’s vehement denial of reports he was plotting a sale.
The billionaire, whose Arcadia Group includes fashion outlets Topshop and Miss Selfridge, discussed plans to sell his retail brands over dinner with two bankers from HSBC in February 2016, the email shows.
A deficit occurs when a salary-related pension scheme doesn't have enough assets to pay for all its future possible liabilities - ie, payouts to workers when they retire.
Continue reading...Owners discuss takeover amid battle for advertising revenue with digital giants
Newsquest, the UK’s second-biggest regional newspaper group, has held takeover talks with Archant, owner of titles including the Ham & High in London and anti-Brexit paper The New European, as consolidation continues to sweep the industry.
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