Clark rejects fears on GKN speculators
THE Business Secretary has dismissed concerns over speculators buying up shares to swing the vote in the hostile bid to take over GKN.
Greg Clark said investors who sold up in recent weeks had chosen effectively not to back the company’s management.
Public companies are “constantly under scrutiny” from alternative managements “who say they can do a better job” and no firm is “immune”, he said.
Mr Clark also dismissed claims by former defence secretary Lord Heseltine that other countries would block such a takeover.
The Tory peer has called for the deal to be stopped on national security grounds.
Lord Heseltine is “not right that other countries do not have a similar approach”, Mr Clark told Radio 4’s Today programme.