£8bn deal for GKN gets nod

BUSINESS Secretary Greg Clark has confirmed the £8.1billion sale of one the UK’s oldest engineering firms, GKN, to acquisitions firm Melrose Industries.

He denied the deal was a “predatory” takeover by the acquisitions specialist.

Labour had wanted the sale blocked on security grounds, as GKN provides many defence contracts.

Mr Clark said Melrose gave assurances on sensitive assets. Shadow Business Secretary Rebecca Long-Bailey said it was not enough to reassure staff.