GKN Pledges £2.5bn To Sway Investors In Melrose Battle

Melrose Industries has stressed its commitment to improving “not only GKN, but the UK economy” in a last-ditch effort to sway investors ahead of a vote by shareholders on Thursday.

The turnaround specialist’s comments follow an exchange of letters with Business Secretary Greg Clark, whose calls for “binding” agreements over its proposals for GKN sparked a raft of assurances from Melrose a day earlier, including plans to keep the firm listed and headquartered in the UK.

“Melrose fully stands behind its plan to work for the improvement of not only GKN, but the UK economy as well,” the company said in its latest comment on Wednesday.

Melrose said its “constructive discussions” with the government minister and the exchange of letters demonstrated a commitment to GKN “that its current board sadly lacks”.

“Melrose has offered a legally binding commitment to the Secretary of State to stand behind its intention to hold the GKN Aerospace business as it delivers the improvement necessary to unlock its potential,” the company added.

Business Secretary Greg Clark Business called for `binding´ agreements over Melrose´s proposals for GKN (Victoria Jones/PA)

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GKN Pledges £2.5bn To Sway Investors In Melrose Battle

Source:Sky News

GKN Pledges £2.5bn To Sway Investors In Melrose Battle