Melrose Industries plc has succeeded in its takeover of GKN plc after receiving the support of GKN’s shareholders. The deal values GKN at £8.1 billion, and in an announcement published on March 29, Melrose stated it had received 52.4% of the vote.
“We are delighted and grateful to have received support from GKN shareholders for our plan to create a UK industrial powerhouse with a market capitalisation of over £10 billion and a tremendous future,” stated Christopher Miller, Chairman of Melrose. “We are looking forward to working with GKN’s talented workforce and to delivering for customers and all stakeholders. Melrose has made commitments as to investment in R&D, skills and people and we are very excited about putting these into action.”
Following an initial proposal from Melrose to acquire GKN in January 2018, both companies had launched campaigns to convince GKN shareholders of their respective plans for the group, with both parties looking to sell the Powder Metallurgy business.
“Let me assure you that GKN is entering into very good hands,” added Miller. “We would like to thank our shareholders for their continued support of the Melrose strategy thus far. We are full of enthusiasm as we begin this next stage of the Melrose story and look forward to creating substantial value for our shareholders, old and new.”