BUZZ-From engineers to dairy, buyside taps into UK restructuring theme

** Engineers GKN & Rolls-Royce, Dairy Crest (LSE: DCG.L - news) & HSBC among cos attracting buy-side as they transform themselves or engage in M&A to augment growth

** Cheap financing for buyers of disposed assets -- may not be as cheap in coming months e.g. BoE rate rise expected early 2016, Fed this yr -- & limited organic growth (amid global economy fears) spurring M&A (aerospace/defence key area)

** GKN (LSE: GKN.L - news) bought Dutch aerospace supply firm Fokker (via 200 mln stg placing) c.3 weeks ago, Premier AM's head of UK equities Chris White started position in GKN just after & since increased holdings

** Rolls, hit by run of profit warnings (shrinking western defence budgets & oil price squeezing customers in oil gas & marine sectors) subject to speculation of accelerated turnaround plans/M&A amid activist stake buy

** Trevor Green, head of equities at Aviva Investors, recently bought into Rolls-Royce; new CEO Warren East has been open about the fact there's a lot to do & is "certainly the right man for the job", PM says

** PM also holds engineering turnaround specialist Melrose (Berlin: 2NM3.BE - news) Industries, which recently sold its utility metering business

** Dairy Crest set to demerge dairy operations (under UK CMA review) & focus on branded foods; Premier AM's White, who lifted holdings in last c.3-4 mths, says if dairy stripped out, on PE of c.14x, cheap vs peers

** HSBC held by both PMs mentioned; co recently sold its unprofitable Brazilian operations, part of a plan to shed underperforming business & reduce costs (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)