MI5 TO HAVE ITS SAY ON TAKEOVER

SECURITY services will be given a say on the £8billion takeover of engineering giant GKN.

The Mail understands MI5 and MI will be able to raise any concerns during a wideranging government probe into whether the deal should be blocked on national security concerns. Defence Secretary Gavin Williamson has already raised concerns about the takeover of the engineering giant, which makes parts for fighter jets, bombers and military cargo planes.

Pressure is also mounting on Business Secretary Greg Clark to block the proposed takeover by Melrose. The firm is seeking approval from security authorities in the US, France and Germany for its bid, which is due to be finalised next Friday.

Labour MP Jack Dromey, who has been campaigning against the buyout, said: ‘If British security sources are concerned over the Melrose bid that makes it all the more important that Greg Clark should call in the takeover.

‘There can be no question of Melrose doing anything without the defence and security implications being seriously examined.’

Mr Clark has indicated that he has no objection to the deal in principle, saying that no British firm was immune from takeover and shareholders had decided they wanted new management.