Britain gives Melrose takeover of GKN the green light
LONDON, April 24 (Reuters) - Britain’s business minister said there were no national security grounds to intervene in turnaround specialist Melrose’s takeover of UK engineering company GKN, giving the deal the green light from government.
“On the basis of the commitments given relating to national security, the ministry of defence concluded that statutory intervention is not required,” Business Minister Greg Clark said in a statement to parliament on Tuesday.
“My judgement is that there are not reasonable and proportionate grounds to make a statutory intervention on the grounds of national security.”
Melrose narrowly clinched an 8 billion-pound ($11 billion) takeover of British engineer GKN in March, winning an acrimonious three-month battle for control of the FTSE 100 company.