Advertisement
UK markets open in 4 hours 31 minutes

  • NIKKEI 225

    37,780.90
    -679.18 (-1.77%)
     

  • HANG SENG

    17,285.08
    +83.81 (+0.49%)
     

  • CRUDE OIL

    82.72
    -0.09 (-0.11%)
     

  • GOLD FUTURES

    2,331.50
    -6.90 (-0.30%)
     

  • DOW

    38,460.92
    -42.77 (-0.11%)
     

  • Bitcoin GBP

    51,571.58
    -1,882.56 (-3.52%)
     

  • CMC Crypto 200

    1,387.26
    -36.84 (-2.59%)
     

  • NASDAQ Composite

    15,712.75
    +16.11 (+0.10%)
     

  • UK FTSE All Share

    4,374.06
    -4.69 (-0.11%)
     
Money:

The five essential pieces of financial paperwork you must never lose

Mislaying key documents can cause real headaches, so it’s worth tracking down these most commonly-lost bits of paperwork

GKN chairman says Melrose deal 'low price and high risk'

Reuters - UK Focus

Feb 15 (Reuters) - The 7.4 billion pound ($10.4 billion) hostile bid for GKN (Frankfurt: 694194 - news) from Melrose Industries (Frankfurt: 27MA.F - news) is "low price and high risk" and undervalues the company, GKN Chairman Mike Turner said in a letter to shareholders.

Turner said Melrose (LSE: 136541.L - news) had a short-term business model which was inappropriate for GKN.

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, said its plan to separate its aerospace and automotive divisions is expected to deliver a 340 million pounds ($478 million) recurring annual cash benefit from the end of 2020.

GKN pledged on Wednesday to return 2.5 billion pounds to investors over the next three years, stepping up its efforts to fend off the hostile bid. ($1 = 0.7117 pounds) (Reporting by Rahul B in Bengaluru; Editing by David Holmes)