Takeover gets green light
Britain’s business minister Greg Clark told parliament today that there were no national security grounds to intervene in turnaround specialist Melrose’s takeover of UK engineering company GKN.
“On the basis of the commitments given relating to national security, the ministry of defence concluded that statutory intervention is not required,” Clark said in a statement to parliament today.
“My judgement is that there are not reasonable and proportionate grounds to make a statutory intervention on the grounds of national security,” he added
Melrose won control of British engineer GKN after a three-month battle when 52.4 per cent of investors backed its offer.
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