How predators pursued British icon

GKN was founded in 1759 and is one of Britain’s biggest engineers, employing 0,000 staff worldwide. It has been targeted by predator Melrose in an £8.1billion takeover raid which could net the buyer’s bosses a £285million bonus. MPs and trade unions fear Melrose wants to break the business up and sell off the constituent parts. Defence Secretary Gavin Williamson has warned the takeover could harm national security. Prime Minister Theresa May has said ministers are ‘looking closely’ at the bid and has vowed to act in the national interest.

Major customers including Airbus and two large car firms have said they could not work with Melrose.

Several large shareholders including Columbia Threadneedle and Jupiter Asset Management oppose the deal.

To fight off the attack, GKN has pledged to sell its Driveline car parts business to US automotive supplier Dana. Dana is prepared to list its shares in London if this deal goes ahead, giving British investors more control.

Shareholders must decide whether to back or oppose the deal by 1pm on Thursday. They can back it by filling out a form accepting the offer and sending it to registrar Equiniti. If they want to oppose it, they can just do nothing. The owners of more than 50 per cent of the shares must send in forms backing the deal for it to go ahead.

Vulture fund Elliott is now the secondlargest shareholder in GKN after building up its stake to 3.85 per cent – giving it a powerful voice on whether the deal goes ahead.