FTSE 100's dollar earners enjoy sterling's day of misery on the forex markets
The FTSE 100 index managed to finish just above 7,500, helped by sterling's dive on the foreign exchange markets
Company
Melrose Industries PLC
LON:MRO
Melrose Industries PLC is an aerospace manufacturing business, centred around GKN Aerospace. Formerly, it was a holding company run with the mantra of 'buy, improve, sell' model, looking for good manufacturing businesses with strong fundamentals whose performance can be improved. But once it spun off GKN Automotive as Dowlais Group PLC in 2023, the remaining business gave up its former investment strategy to refocus on the aerospace sector.
177 stories · page 2 of 2
Champagne moment - Primary Health Properties joins FTSE 250 index from today
Harry Hyman, PHP’s managing director, said: "I'm delighted that PHP has been included in the FTSE 250 and FTSE All-Share indices and believe the move marks an important milestone in the Company's history”
Archive
GKN's first quarter profits dragged lower by US aerospace unit before Melrose takeover
Melrose said the first quarter trading statement was sourced directly from GKN's management before its offer became unconditional last week
Archive
Melrose to cancel GKN's shares in London after winning takeover battle
Melrose received acceptances for its offer from shareholders who hold about 81.8% of GKN on Monday
Fiat Chrysler to spin off components business Magneti Marelli
The separation is expected to be completed by early 2019
Archive
Government reviews Melrose's hostile takeover of GKN amid calls to block deal
The government is assessing whether the deal raises public interest concerns
Investments and investor services
FTSE 100 closes in red as traders still jittery about macro issues
The pound is up 0.36% against the Euro at the time of writing, while it is up 0.07% against the US dollar
Archive
Melrose declares narrow victory in bitter battle to takeover GKN with acceptances of 52.43%
The FTSE 250-listed turnaround specialist clinched the deal, having set the acceptance condition for its final £8bn cash and shares offer for GKN at 50% plus one share
Archive
Time's almost up for GKN shareholders to vote on Melrose hostile takeover bid
The day ahead includes the outcome of Melrose's hostile takeover bid for GKN and trading updates from SSE and RPC
Archive
GKN shares could sink if investors turn down hostile takeover bid, Melrose warns
“Where would GKN's share price have been without Melrose's approach and where would it fall to if Melrose's offer did not proceed?,” Melrose asked
Archive
Melrose tries to soothe business secretary's concerns on hostile takeover bid for GKN
The business secretary is worried Melrose will take a "short-term approach" to ownership of GKN, given its track record of restructuring businesses and reselling them
Archive
GKN showing signs of desperation, Melrose claims ahead of verdict on takeover bid
GKN shareholders have until Thursday to either back the company’s own turnaround plan or support Melrose's takeover bid.
Archive
GKN receives sweetened offer from Dana as deadline for Melrose takeover bid looms
GKN has retracted statements by its chief executive and finance director saying they were confident shareholders will back its plan to fend off Melrose's takeover bid
FTSE 100 closes in red as pound firms but miners add support
Sterling added 0.01% against the Euro to 1.1434, while against the US dollar, it added 0.60% to 1.4232.
Archive
Activist investor Elliott Advisors backs Melrose's hostile takeover bid for GKN
The hedge fund also urged fellow shareholders to accept Melrose's £8.1bn deal
FTSE 100 closes down on trade war concerns as market awaits Brexit transition deal approval
Will EU leaders approve the Brexit transition deal reached between Michel Barnier and David Davis?
Archive
Melrose reaches deal with GKN's pension scheme trustees as takeover battle continues
Melrose has silenced GKN, which said on Wednesday that it was “remarkable” the turnaround specialist failed to reach an agreement with pension trustees
Archive
GKN-Melrose takeover approval hinges on long-term view by investors, says Numis
Numis raised its rating on GKN to ‘add’ from ‘hold’ and lifted its target price to 481p from 450p
Archive
GKN tells shareholders to vote against 'opportunistic' Melrose bid as deal deadline looms
GKN said it wanted to make sure shareholders were not influenced by “misleading statements” made by Melrose as part of its “highly opportunistic offer”
Archive
GKN slams 'misleading' claims by Melrose about its pension liabilties as takeover battle rages on
"GKN has a clear and comprehensive plan to reduce its pension liabilities and eliminate the deficit in its UK pension schemes," the company said
Dana confirms plans for secondary London listing to help win over GKN investors
Dana has already agreed a US$6.1bn deal to buy GKN’s automotive business, and it is now looking to convince investors to back its offer rather than a rival bid from UK turnaround investor Melrose
Archive
Melrose and Dana sweeten deals with GKN as takeover battle intensifies
The combined Dana and GKN Driveline business will be listed in London and in New York
Archive
GKN could stop getting business from Airbus if Melrose takeover goes ahead
European planes maker Airbus - GKN’s biggest customer - said the takeover would make it "practically impossible" to keep working with the FTSE 100-listed engineer
Investments and investor services
FTSE 100 closes higher as Dow Jones climbs after host of data
Britain's blue chip index closed up around seven points, or 0.10%, at 7,139..
Dana would consider secondary listing in London to win support of GKN shareholders for Driveline merger
Dana's finance director Jonathan Collins said a secondary listing was "absolutely an option" if GKN's investors required it to support the US$6bn deal, the Financial Times reported
Archive
GKN reviews third takeover bid from Melrose Industries
“We have a clear plan; GKN does not,” said Melrose chairman Christopher Miller
Investments and investor services
FTSE 100 can’t hold gains and closes in red as sterling firms
Britain's blue-chip benchmark closed down over nine points, or 0.13% to 7,214..
Archive
GKN and Dana confirm US$6.1bn deal to merge automotive businesses, with new firm to be based in UK, listed in New York
Under the deal terms, GKN will receive cash proceeds of US$1.6bn, 133mln newly issued Dana shares - valued at about US$3.5bn based on its March 8 closing price - and will see the assumption of about US$1.0bn in pension liabilities in the me
Archive
GKN lays out strategic plan as Melrose shareholders approve hostile takeover bid
Melrose shareholders approved the company's takeover bid for GKN on Thursday and the European Commission has given it anti-trust clearance
Archive
GKN tells lawmakers it has received many approaches since Melrose hostile bid
GKN and Melrose bosses were grilled by the parliament’s business committee on Tuesday
Archive
GKN in talks to sell Driveline to Dana as it continues to fend off hostile bid from Melrose
GKN believes the deal under consideration with Dana could provide greater value to shareholders
Investments and investor services
Markets nervous ahead of Capita finals, is it ‘the next Carillion’?
Capita will be a focus on Thursday, others include Bovis House, Cobham, and National Express.
Archive
Melrose picks holes in GKN's full year results as it pursues hostile takeover
GKN repeated plans to return up to £2.5bn to shareholders over the next three years and to split GKN Aerospace and GKN Driveline into two listed companies
Investments and investor services
FTSE 100 closes in red as Powell's hawkish tone gives traders jitters
New Fed supremo Jerome Powell will likely stick to a gradual, three hikes scenario, but the case for a faster pace of tightening is growing stronger, according to Nordic investment bank, SEB
Archive
Standard Chartered to take the bow for banking results, as Persimmon starts for the housebuilders
Day ahead includes a welter of blue chip results from the likes of Standard Chartered PLC, Persimmon PLC, Direct Line Group, and GKN PLC
Melrose says its hostile £7.4bn bid for GKN has received clearance from US and Canadian regulators
In a brief statement, Melrose – which reports full-year results on Thursday– said the US Federal Trade Commission has granted early termination of the applicable waiting period under the Hart Scott Rodino Act, thereby providing clearance in
Melrose Industries posts 2017 loss as it pursues hostile bid for GKN
“We are convinced that GKN would gain significantly from becoming part of an enlarged £10bn UK industrial powerhouse," Melrose said
Archive
GKN plans to return £2.5bn to shareholders in three years as it continues takeover fight
Last month, the FTSE 100-listed company rejected a £7.4bn bid from Melrose Industries, saying it “fundamentally undervalued” the firm
Melrose-GKN takeover would create further value for shareholders, says Barclays
Barclays remains bullish on Melrose, repeating an ‘overweight’ rating and target price of 240p
Archive
GKN takes another swipe at Melrose as it warns takeover would weaken pension scheme
The engineering giant has said that Melrose’s proposed £7.4bn takeover would increase debt levels, which in turn “may have implications for…the level of immediate and/ or long term cash funding requirements”
Archive
GKN lifts sales forecast for electric car unit as it fights off Melrose hostile takeover
GKN rejected a second takeover bid from investment firm Melrose last week
Investments and investor services
FTSE 100 closes in red amid low volatility
The FTSE 100 closed around 15 points lower - at 7,715
Archive
‘That’s a fake premium!’: GKN takes aim at Melrose’s “misleading” comments
“Melrose states that the terms of its offer represent a premium of approximately 32% over the closing share price of GKN on 5 January 2018…GKN’s Board considers 32% to be a fake premium.”
Archive
GKN swats away second takeover bid from Melrose
Melrose has taken its bid to buy GKN hostile with a £7.4bn offer
Archive
GKN downgraded by Numis as Melrose continues to pursue takeover
Numis lowered its rating on GKN to ‘hold’ from ‘buy’ as it awaits developments
Archive
Melrose to meet with GKN shareholders to pursue £7bn takeover
GKN is an "overly complex and under-managed organisation without focus which needs a fundamental change of culture and leadership", says Melrose
FTSE 100 ambles to another high
The Footsie set another record closing level but it was not entirely storming ahead; most of the gain was down to bid stock GKN's 25% rise
Melrose Industries expecting lower taxes in United States
Melrose said that the full implications of the new tax legislation are still being reviewed, though it anticipates that there will be no effect on the financial year to 31 December 2017
FTSE 100 closes slightly higher as European stocks end in positive territory despite German political uncertainty
The FTSE 100 managed to turn away from earlier losses to edge slightly higher at the close
'Classic Melrose': Turnaround specialist could be ready to buy again this year as 2016 revenues surge on last year's US purchase
The group reported that its 2016 revenues more than tripled to £889.3mln, primarily driven by ventilation and home security products maker Nortek.
Further reaction to this week's news boosts Wey Education and Rosslyn Data Technologies
Some of the largest rises and falls in London at 3.20pm included Wey Education, Rosslyn Data Technologies, Thor Mining
FTSE shares end flat, give back record peaks, except Vesuvius
FTSE 100 stocks ends flat on Thursday after falling back from a fresh record high as shares in outsourcing group Capita slumped 9%
Investments and investor services
Can Cobham avoid a sixth profit warning when it releases full year results?
Cobham, Sportech, Travis Perkins, Capita and GoCompare are among the names on Thursday's list.
London shares firm after BoE gilt buy wobbles
London shares ended higher on Tuesday after an unexpected helping hand from the government bond market
Melrose shares jump again as acquisition of Nortek proceeds
The deal will be funded by a right issue on a 12-for-1 basis at 95p to raise £1.6bn.
Risers and fallers: Genel Energy, Telit Communications, Glenwick ...
Main share price risers and fallers in London at 9.30am
Archive
Numis hands big upgrade to Melrose PLC after Nortek buy
A look at some early broker ratings on Thursday morning
Trending: Who will enjoy Brexit’s silver lining?
There has been a top-down torrent of negative predictions for the consequences of Britain’s decision two weeks ago to vote to leave the European Union. But who will win from Brexit? The US, Europe or Britain?
Archive
London stocks fall as Brexit woes continue to weigh
London’s FTSE 100 closed down on Wednesday in a repeat of the previous session’s gyrations over the ongoing Brexit vote shock
Melrose Industries buys Nortek for US$1.4bn
Industrial turnaround group buys North American air conditioning manufacturer
Investments and investor services
FTSE 100 Index falls as pound plunges to new low
The FTSE 100 Index reversed modest gains to stand 103.29 points adrift at 6442.08
Risers and fallers, including Kolar Gold, Shanta, Melrose and Barratt Developments
A first look at some of the notable market movers on Wednesday
FTSE 100 Index rises but pound slumps on 'Brexit' fears
The FTSE 100 Index increased 11.54 points to 6556.91
Archive
Brokers pick their winners post-Brexit
Broadcaster ITV was downgraded, as was airline group IAG
Hikma Pharmaceuticals hits Footsie as oil and mining dip
Drug company enters the blue-chip ranks as satellite group drops out
Numis wagers next year will be better for William Hill
William Hill, Bovis Homes, Allied Gold, and Antofagasta are among the stocks in Tuesday’s broker spotlight
Mining majors reluctantly taken off City sell list
BHP, Rio and Glencore are no longer worth selling; meanwhile Cineworld, Just Eat and Thomas Cook are also in Wednesday’s broker spotlight
Investments and investor services
Footsie shrugs off China woe on M&A cheer
Swiss insurer Zurich is mulling a bid for UK rival RSA
Melrose shareholders set for £2bn windfall as Honeywell buys Elster
Melrose vowed not to change the "buy, improve, sell" business model.
Investments and investor services
Risers & Fallers including Domino's Pizza, GKN, Hikma, Sefton, Clean Air Power and more...
Domino's Pizza was a big gainer after they sold more pizza, and had more fun.