Melrose And GKN To Be Questioned By MPs Over Takeover Bid

Melrose And GKN To Be Questioned By MPs Over Takeover Bid

MPs are to question officials from Melrose over its proposed takeover of engineering giant GKN.

The Business, Energy and Industrial Strategy Committee announced it will hold a session on March 6 to hear from the two companies, as well as the Unite union, which is campaigning against the takeover.

Rachel Reeves, who chairs the committee, said: “The takeover bid for GKN raises issues regarding the future of highly-skilled jobs at the company and the UK’s engineering, science and research base.

“It also puts into focus our industrial strategy and the objectives of boosting productivity, growing companies and ensuring long-term investment in industries of strategic importance.

“GKN is an important company for the UK and globally. This session will be an opportunity to hear from Unite and for both GKN and Melrose to set out their case for the future of the business and how they are going to deliver long-term success for the company, shareholders, workers and pension holders.”

A Melrose spokesman said: “We welcome the opportunity to appear before the Select Committee. It will allow us to dispel the myths that have entered the debate and reassure the Committee and the wider stakeholder audience of our intention to create a UK manufacturing powerhouse.

“Melrose has an exemplary record of investing in R&D, protecting pension schemes and delivering value for all stakeholders.

“We believe that while there are no competition or national security issues, it is in fact in the national interest for Melrose to be the guardian of GKN’s businesses.

“These businesses need to face up to the challenges that its board have finally publicly acknowledged.

“We believe that Melrose has the right team to transform GKN in the broader interests of UK plc, as well as customers and stakeholders around the world.”

Close

What's Hot