Clark re­jects fears on GKN spec­u­la­tors

The Herald - - POLITICS -

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.

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