Ministerial concern at the potential sale of jet fighter components producer GKN to investment company Melrose will see the deal investigated—including whether the deal should be blocked.
Sentiment for government intervention in a takeover has arisen, as the detail behind the proposed takeover of UK engineering business GKN by investment firm Melrose Industries is investigated. GKN, whose technology sits on the F-35 Lightning II fighter jet, is the focus of a £7bn bid by FTSE 250-listed "turnaround" business Melrose. GKN's work in providing parts for jet fighters in the UK and across the world has heightened sensitivity to the potential deal. UK defence secretary Gavin Williamson told the defence select committee yesterday that he had written to business secretary Greg Clark of “very serious concerns” about the deal. During the hearing, the business department’s permanent secretary Alex Chisholm said it was l