Statement on the takeover of GKN: 24 April 2018

24 April 2018

Greg Clark, Secretary of State for Business, Energy and Industrial Strategy, made a statement in the Commons today on the takeover of GKN.

Greg Clark updated the House on the takeover bid by Melrose Industries plc for GKN plc. Stating that On 29 March, Melrose announced that holders of 52% of GKN shares had accepted its offer, and as of last Friday, the figure had reached 88.5%.

The statement was responded to by Rebecca Long Bailey who raised the issues of the security of the long-term prospects of the company and, indeed, the workforce; and the inadequate capacity of the takeover regime to protect companies outside the very limited grounds of national defence, media plurality and financial stability.

Timings are approximate as parliamentary business is subject to change.

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