GKN loses takeover battle

Two and a half centuries old and one of our remaining giants of engineering: GKN. Today the company failed in its bid to stave off a hostile take-over by Melrose, known for breaking up and selling-off the companies it acquires. Unions and MPs had warned against allowing the take-over to go ahead, and the government has demanded guarantees from Melrose about the need to fund GKN’s pension deficit.