|Bid||418.70 x 100000|
|Ask||418.80 x 603100|
|Day's Range||418.00 - 421.00|
|52 Week Range||280.00 - 449.40|
|PE Ratio (TTM)||14.39|
|Earnings Date||Feb 27, 2018|
|Forward Dividend & Yield||0.07 (1.40%)|
|1y Target Est||436.88|
Britain's financial sector will be "the servant of industry not the masters of all" if the opposition Labour Party gets into power, its leader Jeremy Corbyn said on Tuesday, accusing bankers of taking the economy hostage. Corbyn, a socialist who has won over many voters with promises to renationalise services and increase public spending, has long targeted London's lucrative financial sector, saying politicians have been in thrall to money-makers for too long. In a speech to a manufacturers' conference, Corbyn renewed his pledge to "reprogramme" Britain's economy if he wins power in an election not due until 2022.
Britain's financial sector will be "the servant of industry not the masters of all" if the opposition Labour Party gets into power, its leader Jeremy Corbyn said on Tuesday, accusing bankers of taking the economy hostage. Corbyn, a socialist who has won over many voters with promises to renationalise services and increase public spending, has long targeted London's lucrative financial sector, saying politicians have been in thrall to money-makers for too long.
Turner said Melrose has a short-term business model that is inappropriate for GKN, criticising a bid that has also attracted the attention of the British government because of the company's position as a leading engineering group and large employer. With a market capitalisation of more than 7 billion pounds, GKN is a mainstay in the British engineering sector, generating close to 1 billion pounds of UK sales.
Moody's Investors Service, ("Moody's") has today affirmed the Baa3 senior unsecured ratings and (P)Baa3 senior unsecured MTN Programme ratings of GKN Holdings plc, the finance, investment and ...
GKN, facing a 7.4 billion pound hostile bid from turnaround specialist Melrose Industries, said last month it would separate its aerospace and automotive divisions to try to improve profitability. Investors had been calling for GKN to split its businesses as management persistently failed to meet targets to improve profit and cash flow despite growing sales. GKN issued a profit warning in October, which was sparked by the difficulties at its aerospace business.
GKN said it plans to return £2.5 billion to shareholders over the next three years, and pay 50% of free cash flow as dividends up to 2020.
GKN Plc sharpened its argument against a hostile takeover attempt by Melrose Industries Plc, outlining plans to divest businesses representing a quarter of its sales, slash costs and return 2.5 billion ...
Sir James Dyson has little obvious in common with the Reverend Ian Paisley. But when it comes to taking his company public, the cerebral engineer is starting to sound like the firebrand Ulsterman — who ...
Feb 12 - The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Melrose Industries Plc accused ...
British engineering group GKN (GKN.L) told shareholders considering a 7 billion pound hostile offer from Melrose Industries (MRON.L) that any deal was unlikely to secure U.S. approval by the current late April deadline. GKN, a supplier of components to military aircraft that opposes the bid, said it would agree to a deadline extension if Melrose requested one from Britain's Takeover Panel. The British turnaround specialist, which launched its unsolicited offer last month after two GKN profit warnings, said it did not expect such an extension would be necessary.
LONDON (Reuters) - Melrose Industries, the turnaround specialist pursuing a hostile bid for GKN, would welcome opportunities to explain to the British government why a deal "will create an industrial ...
The hostile takeover pursuit of engineering company GKN by Melrose Industries is receiving close attention from the British government, Prime Minister Theresa May said on Wednesday. The bid by the turnaround specialist has escalated into a war of words between the two UK companies and prompted the Unite union to warn that a deal could threaten jobs. Melrose's cash-and-shares hostile offer values GKN at about 7 billion pounds but has been rejected as "derisory" by Anne Stevens, chief executive of the aerospace and automotive parts business.
Melrose Industries (MRON.L) pressed the case for its 7.2 billion pound hostile bid for British engineer GKN (GKN.L) on Thursday, ruling out a "hasty separation" of GKN's automotive and aerospace if it won control. Its offer document, followed later by a trading update from Melrose emphasising the turnaround specialist's track record, drew a blunt response from GKN (GKN.L) which again urged its shareholders to reject the approach. "This offer is derisory," Anne Stevens, the former Ford executive who became GKN chief executive last month, said in a statement, accusing Melrose of trying to buy it on the cheap.
Melrose Industries is preparing to publish the formal offer document detailing its 7.4 billion-pound hostile bid for British engineer GKN on Thursday, according to a source close to the situation. The London-listed industrial turnaround specialist did not plan to increase its bid for GKN when it issues the offer document, the source said. Melrose made a firm paper-and-cash offer on Jan. 17, which at the time valued GKN at 430.1 pence-a-share.
GKN (GKN.L) issued a new salvo on Monday against a hostile bid by Melrose (MRON.L) by warning that raising the company's debt ratio could reduce the strength of its covenants and therefore increase the cash needed to fund its pension. GKN said the strength of its covenant was critical to its investment strategy and the amount it paid into its schemes, and it said it was assessed at the "high end of good" during its last triennial valuation. It said had stated it would increase GKN's leverage to 2.5 times core earnings, materially higher than the leverage level of 0.6 times in mid-2017.
LONDON (Reuters) - Melrose Industries offered to make a voluntary contribution of as much as 150 million pounds ($211 million) to GKN's pension schemes as part of its initial bid approach to the British ...
Jan 29 (Reuters) - Britain's FTSE 100 index is seen opening 18 points higher at 7,683.7 on Monday, according to financial bookmakers. * CARILLION: British construction outsourcing company Carillion Plc ...
(Reuters) - Hedge fund Elliott Management Corp, founded by Paul Singer, has built a stake in Sky Plc (SKYB.L), according to a regulatory filing published on Friday. The fund's subsidiary, Elliott Capital ...
A top-20 investor said he understood there had been 10-15 approaches made for the GKN's automotive business since the board announced plans to split the company in response to the Melrose bid, the FT also reported. GKN, a British firm that makes parts for the Boeing 737 jet and components for Volkswagen and Ford cars, rebuffed a 7.4 billion pounds offer by Melrose last week, on the grounds that the terms of the paper-and-cash bid are "effectively unchanged" from an earlier approach made by Melrose, which was also rejected. Melrose later responded to the criticism of its offer for the much larger GKN saying that the rise in the companies' share prices showed the merit of its bid.
Melrose was responding on Thursday to earlier criticism of its cash-and-shares offer from the much larger GKN, a British firm that makes parts for the Boeing 737 jet, Black Hawk helicopter and components for Volkswagen and Ford cars. GKN, which traces its roots back to the 18th century, said Melrose's claim to be offering its shareholders a 32 percent premium was "fake", not least because most of the cash for the proposed deal would effectively be funded by GKN investors. With a much higher debt-to-core earnings ratio, Melrose would be using GKN to leverage up the combined business to fund the cash part of its offer, GKN said.
Jan 18 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1100 GMT on Thursday: ** British engineering group GKN dismissed Melrose's 7.4 billion pound ($10.2 billion) ...
UK shares edged down on Wednesday as a flurry of corporate news triggered sharp moves, including for contractor Interserve after the Financial Times reported the British government was monitoring it following the collapse of competitor Carillion. The blue chip FTSE 100 index ended the session 0.4 percent lower at 7,725.43 points, underperforming the broader European market. Within small market capitalisations, Interserve saw its shares tumble around 15 percent at the open then gradually recoup most of its losses, closing 0.4 percent lower.