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Britain's GKN seeks to return 2.5 bln pounds over next three years

Reuters - UK Focus

Feb 14 (Reuters) - British engineering group GKN (Frankfurt: 694194 - news) , seeking to fend off a takeover bid, says it is targeting a 2.5 billion pound ($3.5 billion) cash return to shareholders over the next three years following a review of its business.

GKN, facing a 7.4 billion pound hostile bid from Melrose (LSE: 136541.L - news) Industries, said last month it would separate its aerospace and automotive divisions to improve profitability after problems at its aerospace business.

GKN, which makes parts for the Boeing (NYSE: BA - news) 737 jet, Black Hawk helicopter and components for Volkswagen (IOB: 0P6N.IL - news) and Ford cars, says it also expects to deliver a recurring annual cash benefit of 340 million pounds from the end of 2020. ($1 = 0.7198 pounds) (Reporting By Justin George Varghese in Bengaluru; Editing by Keith Weir)