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Melrose succeeds in hostile bid for British engineer GKN

Reuters - UK Focus

LONDON, March 29 (Reuters) - Melrose Industries (Frankfurt: 27MA.F - news) has succeeded in its 8 billion pound ($11.22 billion) hostile bid for British engineer GKN (Frankfurt: 694194 - news) after investors holding 52.4 percent of the FTSE 100 company accepted its cash and shares offer.

The turnaround specialist narrowly clinched the deal, having set its acceptance condition for the takeover at 50 percent plus one share. Its offer is now expected to become unconditional by April 19. ($1 = 0.7128 pounds) (Reporting by Ben Martin; Editing by Adrian Croft)