Lupo di mare
27 Mar 2018
Re: SKY News RAC, you lose credibility when you use offensive language, and you lose even more when you can't be bothered to determine her age. Your use of the word "supine" is completely misplaced and offensive, againShe is definitely not geriatric, and she was born in 1948.The automotive parts business is not being sold, GKN shareholders are retaining a large slice of it. The transition to e-cars is an expensive business, added to by managing the decline of traditional auto work. To merge the 2 businesses makes perfect sense.
RAConnell
27 Mar 2018
Re: SKY News So the American, geriatric woman (of indeterminate age) is also a stranger to the truth?Better that GKN is taken over by the British in its entirety without any premature sale of the car and powder metallurgy parts. And good riddance to Stevens and her supine cronies.Cheers, RAC
Kingel
26 Mar 2018
SKY News A series of further twists in the tug-of-war for GKN, including one leaving its boss red-faced ahead of a crucial investor vote.The battle for the future of GKN became even more frantic on Monday as its chief executive was forced into an embarrassing climbdown.The engineering group retracted claims of shareholder support for its proposed future ownership as US group Dana increased its cash offer to buy GKN's automotive unit, Driveline.It is the route favoured by GKN as it faces a separate, hostile, takeover approach from Melrose - a turnaround specialist.GKN hopes to merge its automotive business with Dana in a deal worth £4.3bn ($6.1bn). The British company would then focus on its aerospace business.The new sweetened offer would mean GKN receiving an additional £100m in cash."GKN has reinvented itself numerous times in its 250-year history. We are confident that, following the Dana transaction… GKN will become a pure play aerospace company with a strong balance sheet," Mike Turner, chairman of GKN, said in a statement to investors."We believe that the true value of GKN is over £5 per share and that Melrose's final offer fundamentally undervalues your company and should be rejected."Melrose has offered £7.8bn to buy GKN, valuing each share at about 457 pence, according to GKN.Its bid has been opposed by politicians and unions, along with GKN, who fear it may later seek to restructure and sell parts of the business in a move that would hurt jobs and Britain's industrial base.Last week, Melrose said it would inject £1bn into GKN's pension scheme and pledged to be a "good custodian for all stakeholders".Shareholders have until Thursday to vote on the Melrose proposal.GKN said on Monday its deal with Dana would mean it receiving £1.25bn in cash after deducting £707m for the transfer of its pension deficit to the combined Dana-GKN Driveline group.Shareholders of the Redditch-based company would own 47.25% of the combined company listed on the New York Stock Exchange and London Stock Exchange.GKN's shares were little changed in early trading on Monday as Thursday's 1pm deadline loomed.The British company had earlier taken extraordinary measures to clarify and retract comments executives made to the Sunday Telegraph and Sunday Times relating to Melrose's offer.Anne Stevens, chief executive, told The Sunday Telegraph she was convinced "investors will back [GKN]".Jos Sclater, group finance director, told the Sunday Times that "long-only shareholders are mostly supportive of existing management, and understand that the Dana deal and becoming a pure play aerospace company has, longer term, significantly more value than the Melrose bid".In a statement to the London Stock Exchange the company said: "GKN confirms that these statements of shareholder support in respect of GKN were not verified and are hereby retracted."[link]
Kingel
26 Mar 2018
ADVFN GKN was slightly higher as the Thursday's deadline loomed for shareholders' decision over its potential hostile takeover by Melrose. Monday morning was mixed, with GKN receiving an increased cash offer for its Driveline business from US-based Dana, while also being forced to retract directors' statements on shareholder support, which had been quoted in Sunday newspapers. Melrose shares were down slightly.
Lupo di mare
26 Mar 2018
Dana deal logic This from Hyundai, today."Longer term, Ha fears the advent of electric cars, which when they go mainstream could wreak havoc on traditional auto jobs as they require far fewer engine and transmission parts."Apart from supporting GKN's long term investment in e-car parts, that just shows how necessary a partnership will be in counteracting the decline in traditional automotive parts. It also underlines GKN's long-standing considerations of doing a deal with Dana.Of course, loss of traditional auto equipment manufacturing will take years to unfold, by which time MRO, if they gained control, would have sold it on or seen it go down the Brush route.
II Editor
26 Mar 2018
NEW ARTICLE: US tariff talks: Reconciling the irreconcilable "A turnaround in Asian markets has seen US futures rise and eased the pressure on European equity markets. The last two months have seen global sentiment become more fragile, but the one thing that has kept markets going is the reliance on ..."[link]
Yertiz
26 Mar 2018
Re: Statement re proposed combination But no-one here has mentioned the retracted statements from Sclater and Stevens from this weekend - what a shambles! Misinformation and fake news abounds from the BoD, all the more reason NOT to trust them and place faith in the MRO deal.
Lupo di mare
26 Mar 2018
Re: Statement re proposed combination Kingel, tks for posting those news items. I would have given you a bluey (tick) if I hadn't already read the full article. Seems like there aren't many GKN small shareholders on this site.
Kingel
26 Mar 2018
Statement re proposed combination $140 million cash increase in terms of proposed combination of GKN Driveline and Dana· GKN welcomes the announcement by Dana today of an increase of $140 million (£100 million) in the cash payable to GKN on the combination of GKN's Driveline business with Dana· GKN will now receive $1.77 billion in cash after deducting $1.0 billion for the transfer of pension deficit to the combined Dana-GKN Driveline group1. GKN shareholders will continue to own 47.25% of the combined company listed on both the NYSE and LSE. All other terms remain unchanged· GKN intends to return up to £700 million of cash to shareholders as soon as practicable following completion of the Dana-GKN Driveline transaction. This is expected to be the first instalment of the up to £2.5 billion cash return programme previously announced (unless the sale of Powder Metallurgy occurs earlier)· Significant further value creation to come from the Dana-GKN Driveline combination, both from Project Boost benefits and $235 million2 of combination cost synergies· GKN becomes a pure play aerospace company that can be expected to re-rate in line with its peers· All of this value should be kept by GKN's shareholders
II Editor
23 Mar 2018
NEW ARTICLE: The week ahead: GKN vs Melrose Final Round "In a four-day week lacking much by way of company results, it's the bitter squabble over control of UK engineering giant GKN that will likely take centre stage.Monday 26 MarchTrading StatementsInstem, SpaceandPeople, Satellite Solutions ..."[link]
Kingel
23 Mar 2018
ShareCast News urnaround specialist Melrose Industries said on Friday that it was prepared to waive one of the self-imposed conditions involved in its hostile £8.1bn bid for engineer GKN.The company said it remains in "constructive discussions" with the Committee on Foreign Investment in the US - an agency that reviews transactions to determine their impact on national security. These include detailed discussions in respect of potential interim mitigation measures, which would leave in place any existing mitigation arrangements pending receipt of CFIUS and Diplomatic Security Service approvals."On the basis of these discussions, if and to the extent that CFIUS and DSS approvals have not been received before 17 April 2018, Melrose confirms it will waive the CFIUS and DSS conditions to its offer by no later than 17 April 2018 so as to allow the offer to become unconditional in all respects by no later than 19 April 2018."In what has become an almost daily occurrence since the hostile bid was first announced back in January, Melrose also took the opportunity to remind investors of the superiority of its plans over GKN's.Melrose chairman Christopher Miller wrote in a letter to be sent to GKN shareholders ahead of the 29 March deadline: "We are now entering the final few days of the offer timeline. The facts speak for themselves: we have the best team to re-energise and repurpose GKN, change the culture and help your company live up to its full potential, creating real value for you."Watch this space. If the endless tit-for-tat of the last couple of months is anything to go by, GKN will have something else to say about this later in the day.
Ripley94
23 Mar 2018
Re: Any bets ... I can not get posts up for 11 Jan 18 RNS.. offer.Might of posted ? this fell back to 400p 7 Feb on market fall be interesting today .
pike fisherman
22 Mar 2018
Any bets ... ..on Stevens having a new plan tomorrow morning?
pike fisherman
22 Mar 2018
Re: Re.MRO Pension statement Clutching at straws again Lupo.
Lupo di mare
22 Mar 2018
Re.MRO Pension statement [link] MRO management - yet again.
