All the day’s economic and financial news,as turnaround specialist Melrose keeps fighting to take control of UK engineering group GKNMelrose: We’d put £1bn into GKN pension pot
GKN: Our diagram to sell Driveline makes more sense[br]Unions fear job losses and asset-strippingComing up: G20 finance ministers meet
Micro Focus shares halve after grim update 10.14am GMTIn a busy morning for takeover news, UK property group Hammerson is fending off an approach from French mall operator Klépierre. Related: French firm makes £4.9bn offer to Hammerson over Intu acquisition 9.34am GMTReuters reckons the takeover battle for GKN is heating up today, and with both sides sweetening their pitch to shareholders.
They write:Melrose,making a hostile tender, said it would inject approximately 1 billion pounds ($1.39 billion) into GKN’s pension scheme, and its latest attempt to convince shareholders to back its offer and win over political opponents of the deal.
Shareholders own until March 29 to decide on that offer.
And the GKN tale gets yet more convoluted - Melrose trims acceptance condition,said to pump money into pension scheme, while Dana will seek listing after merger with GKN Driveline. Saga. https://t.co/ru85J7o2okContinue reading...
Source: guardian.co.uk