Melrose shareholders vote in favour of GKN spin-off plan; shares rise
Reuters
Published Mar 30, 2023 11:55
Updated Mar 30, 2023 12:12
(Reuters) -Shareholders of Melrose Industries Plc (LON:MRON) voted in favour of spinning off GKN (LON:GKN)'s automotive, powder metallurgy and hydrogen businesses, the British jet and auto parts supplier said on Thursday, sending its shares up 2% in midday trading.
The company, which announced in September its plans to spin off the GKN automotive division, smaller powder metallurgy and hydrogen businesses from its aerospace arm, would be demerged into a new independent holding company called Dowlais Group, it added.
Melrose, which will retain ownership of GKN Aerospace, also planned to seek a London listing of the demerged company.
The company, which specialises in acquiring and turning around underperforming businesses before selling them, bought British engineer GKN in 2018 for $11 billion after a three-month battle to gain control of the firm.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.