GKN pledges £2.5bn return to shareholders to offset takeover
Engineering group GKN has fired a volley at Melrose over its approach to the company by claiming it will return up to £2.5bn to shareholders over the next three years.
The Redditch-based group said a significant chunk of the return was expected to come from divestments executed within the next 12 - 18 months, including the sale of its Powder Metallurgy division.
Melrose has currently set its bid for the group at £7.4bn and has urged GKN shareholders to accept the offer, which it said was in the best interests of the business.
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