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Melrose commits to five-year ownership of GKN's Aerospace division

Staff Writer |
Melrose pledged to own the Aerospace division of its bid target GKN for at least five years and to increase funding in apprenticeships and R&D in a last-ditch bid to get government blessing for its hostile takeover.

Shareholders have until 1200 GMT on Thursday to accept the hostile bid from turnaround specialist Melrose or GKN’s plan to split off its auto unit and combine it with U.S. group Dana, leaving GKN focused on Aerospace.

The group said it would also pump a further 10 million pounds into the company over five years to support the creation of between 100 and 150 new apprenticeships in engineering, technology and science, a key area of focus for the government which is promoting an industrial strategy as it leaves the EU.

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