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GKN PLC (GKN.L)

GKN.L on London Stock Exchange

437.90GBp
24 Jan 2018
Change (% chg)

1.30 (+0.30%)
Prev Close
436.60
Open
435.90
Day's High
440.00
Day's Low
435.90
Volume
1,084,874
Avg. Vol
12,721,992
52-wk High
449.46
52-wk Low
280.00

Latest Key Developments (Source: Significant Developments)

Melrose Says Makes 7.4 Bln Pound Firm Offer For GKN Plc
Wednesday, 17 Jan 2018 

Jan 17 (Reuters) - Melrose Industries Plc ::MELROSE INDUSTRIES - FIRM OFFER FOR GKN PLC.ANNOUNCES TERMS OF ITS FIRM OFFER TO ACQUIRE ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF GKN PLC.GKN SHAREHOLDERS WILL BE ENTITLED TO RECEIVE: 1.49 NEW MELROSE SHARES FOR EACH GKN SHARE AND 81 PENCE IN CASH.‍ACQUISITION WILL INCLUDE A MIX AND MATCH FACILITY​.‍CASH CONSIDERATION PAYABLE UNDER TERMS OF ACQUISITION WILL BE FUNDED THROUGH A NEW DEBT FACILITY​.BASED ON MELROSE'S CLOSING PRICE OF 234.3 PENCE PER MELROSE SHARE ON JAN 16, DEAL VALUES EACH GKN SHARE AT 430.1 PENCE.MELROSE INDUSTRIES - ‍GROUP NET LEVERAGE IS EXPECTED TO BE IN LINE WITH ITS DECLARED STRATEGY OF APPROXIMATELY 2.5X ENLARGED GROUP EBITDA AS A RESULT OF DEAL​.DEAL VALUES ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE CAPITAL OF GKN AT APPROXIMATELY £7.4 BILLION.MELROSE - "‍MELROSE DIRECTORS, WHO HAVE BEEN SO ADVISED BY ROTHSCHILD AND RBC EUROPE LIMITED, CONSIDER TERMS OF ACQUISITION TO BE FAIR AND REASONABLE"​.  Full Article

Trustees of the GKN Pension Scheme Comment On Proposed Melrose Deal
Tuesday, 16 Jan 2018 

Jan 16 (Reuters) - GKN Plc ::GKN PENSION SCHEME TRUSTEES - "TRUSTEES ARE CONCERNED THAT ANY POTENTIAL PURCHASER OF GKN SHOULD BE AWARE OF RECENT FUNDING POSITION OF SCHEMES".GKN PENSION SCHEME TRUSTEES - "SCHEMES HAD AN AGGREGATE DEFICIT ON A GILTS FLAT BASIS OF £1.1BN, AGGREGATE DEFICIT ON A SOLVENCY BASIS OF £1.9BN".GKN PENSION SCHEME TRUSTEES - "ANY MATERIAL CHANGE TO CORPORATE AND CAPITAL STRUCTURE OF GKN WOULD LEAD TRUSTEES TO REASSESS STRENGTH OF COVENANT GOING FORWARD".GKN PENSION SCHEME TRUSTEES- "EXPECT FULL ENGAGEMENT WITH MANAGEMENT AND WITH ANY RELEVANT THIRD PARTIES".GKN PENSION SCHEME TRUSTEES - "SCHEMES ARE VERY SUBSTANTIAL STAKEHOLDERS IN BUSINESS WITH SIGNIFICANT LEVEL OF RELIANCE ON THE STRENGTH OF GKN COVENANT".  Full Article

GKN Says Melrose Offer Undervalues Co
Monday, 15 Jan 2018 

Jan 15 (Reuters) - GKN Plc ::GKN SPOKESMAN- "GKN’S NEW CEO AND FINANCE DIRECTOR HAVE THE EXPERTISE AND COMMITMENT TO IMPLEMENT OUR TRANSFORMATION PLAN PROJECT BOOST”.GKN SPOKESMAN- "PROJECT BOOST WILL IMPROVE OUR CASH GENERATION AND PROFIT MARGINS - AND MAXIMISE VALUE FOR OUR SHAREHOLDERS".GKN SPOKESMAN- “MELROSE’S OPPORTUNISTIC OFFER TO SHAREHOLDERS FUNDAMENTALLY UNDERVALUES OUR COMPANY AND ITS PROSPECTS".GKN SPOKESMAN- “(MELROSE’S OFFER) WOULD DEPRIVE OUR SHAREHOLDERS OF THE FULL BENEFITS OF THE VALUE THAT GKN INTENDS TO DELIVER ".  Full Article

Melrose Industries Starting Shareholder Meetings To Discuss Proposal For GKN​
Friday, 12 Jan 2018 

Jan 15 (Reuters) - Melrose Industries Plc ::‍MELROSE CONFIRMS THAT IT IS TODAY COMMENCING A SERIES OF SHAREHOLDER MEETINGS TO DISCUSS PROPOSAL FOR GKN​.- "‍MELROSE INTENDS TO SIGNIFICANTLY IMPROVE GKN'S BUSINESSES AS OPPOSED TO A HASTY BREAK UP​".  Full Article

GKN Rejects Buyout Proposal From Melrose, Appoints Anne Stevens As CEO
Friday, 12 Jan 2018 

Jan 12 (Reuters) - GKN Plc ::ANNOUNCES APPOINTMENT OF ANNE STEVENS AS CHIEF EXECUTIVE.‍CONFIRMS GROUP'S CURRENT TRADING​.OUTLINES A TRANSFORMATION PROGRAMME AND FUTURE GROUP STRUCTURE; AND REJECTS A PROPOSAL FROM MELROSE INDUSTRIES PLC.‍Q4 2017 TRADING WAS IN LINE WITH EXPECTATIONS AND GROUP THEREFORE CONTINUES TO EXPECT 2017 MANAGEMENT PROFIT BEFORE TAX((1)) TO BE SLIGHTLY AHEAD OF 2016​.‍GKN IS NOW CREATING DIFFERENTIATED PRODUCT SEGMENTS THAT WILL BE CLASSIFIED AS EITHER CORE OR NON-CORE​.CONFIRMS THAT ON 8 JANUARY 2018 IT RECEIVED A PRELIMINARY AND UNSOLICITED PROPOSAL FROM MELROSE TO ACQUIRE GKN.‍PROJECT BOOST IS A 2 YEAR PROGRAMME TO IMPROVE CASH AND PROFIT THAT WILL INCORPORATE ALL AREAS OF BUSINESS OPERATING SYSTEM INCLUDING CULTURE​.PROPOSAL AT A PRICE OF 405 PENCE PER SHARE, COMPRISING 80% IN NEW MELROSE SHARES AND 20% IN CASH.‍"PROPOSAL WOULD MATERIALLY DILUTE EXPOSURE OF GKN SHAREHOLDERS TO MEANINGFUL UPSIDE OPPORTUNITIES THAT BOARD BELIEVES ARE PRESENT WITHIN COMPANY"​.HAS CONSIDERED PROPOSAL TOGETHER WITH GLEACHER SHACKLOCK, J.P. MORGAN CAZENOVE AND UBS LIMITED, AND HAS UNANIMOUSLY REJECTED IT.  Full Article

GKN Says ‍Aerospace Unit Signs 3-Yr South African Air Force Contract Extension
Monday, 18 Dec 2017 

Dec 18 (Reuters) - GKN Plc ::GKN - ‍GKN AEROSPACE SIGNED 3 YEAR CONTRACT EXTENSION WORTH OVER $8 MILLION FOR PRODUCT SUPPORT, MAINTENANCE FOR GRIPEN RM12 ENGINES OF S.AFRICAN AIR FORCE​.‍CONTRACT COVERS PERIOD NOVEMBER 2017 TO OCTOBER 2020​.  Full Article

GKN says Kevin Cummings CEO designate to step down, Anne Stevens steps in
Thursday, 16 Nov 2017 

Nov 16 (Reuters) - Gkn Plc :REG-GKN PLC: BOARD CHANGE AND GUIDANCE UPDATE.‍KEVIN CUMMINGS, PREVIOUSLY CEO DESIGNATE, WILL LEAVE BOARD AND GKN WITH IMMEDIATE EFFECT​.GKN PLC - ‍BOARD HAS ASKED ANNE STEVENS, CURRENTLY NON-EXECUTIVE DIRECTOR OF BOARD, TO ASSUME ROLE OF INTERIM CHIEF EXECUTIVE WITH EFFECT FROM 1 JANUARY 2018.‍AS PLANNED, NIGEL STEIN WILL CONTINUE AS CHIEF EXECUTIVE UNTIL HE RETIRES FROM ROLE ON 31 DECEMBER 2017​.SAYS WITH ‍EXCEPTION OF WORKING CAPITAL WRITE-OFF, ALL OTHER GUIDANCE FOR FULL YEAR REMAINS UNCHANGED​.  Full Article

‍GE Additive signed MoU with GKN PLC for additive manufacturing​
Tuesday, 17 Oct 2017 

Oct 17 (Reuters) - General Electric Co :Co, Concept Laser, Arcam AB have signed MoU with GKN to collaborate on additive manufacturing​.Agreement includes provision of additive machines and services to GKN, allowing them to be a GE Additive production partner​.‍GKN also becomes a non-exclusive preferred AM powder supplier to GE Additive, affiliated companies​.  Full Article

GKN expects higher FY management profit before tax
Friday, 13 Oct 2017 

Oct 13 (Reuters) - Gkn Plc ::TRADING UPDATE FOR PERIOD SINCE HALF YEAR RESULTS ANNOUNCEMENT ON 26 JULY 2017​.NOW EXPECTS MANAGEMENT PROFIT BEFORE TAX FOR 2017 TO BE SLIGHTLY ABOVE 2016​.‍HAS BEEN MADE AWARE OF TWO PROBABLE CLAIMS WHICH ARE EXPECTED TO RESULT IN A CHARGE OF AROUND £40 MILLION IN Q4​.MADE AWARE OF TWO PROBABLE CLAIMS WHICH ARE EXPECTED TO RESULT IN A CHARGE OF AROUND £40 MILLION IN Q4 OF 2017​.‍ONE RELATES TO GKN AEROSPACE AND OTHER GKN DRIVELINE​.‍OVERALL IN Q3, GROUP ACHIEVED GOOD ORGANIC SALES GROWTH​.‍BOTH CLAIMS ARE COMMERCIALLY SENSITIVE WITH NO ADDITIONAL INFORMATION DISCLOSABLE AT THIS TIME​.‍CLAIMS ARE COMMERCIALLY SENSITIVE WITH NO ADDITIONAL INFORMATION DISCLOSABLE AT THIS TIME.​.‍WITH GKN DRIVELINE CONTINUING TO OUTPERFORM MARKET AND GKN AEROSPACE DELIVERING SALES SLIGHTLY UP ON PRIOR YEAR​.‍GROUP TRADING MARGIN IN Q3 WAS LOWER THAN COMPARABLE PERIOD IN PRIOR YEAR​.‍GROUP TRADING MARGIN IN Q3 WAS LOWER THAN COMPARABLE PERIOD IN PRIOR YEAR​.‍IN COMMERCIAL AEROSPACE, Q3 SALES WERE MARGINALLY DOWN WHILST MILITARY SALES WERE UP COMPARED TO PRIOR YEAR​.‍GKN DRIVELINE CONTINUED TO DELIVER GOOD Q3 SALES WELL AHEAD OF GLOBAL INDUSTRY PRODUCTION RATES THAT WERE UP 2%​.‍GKN AEROSPACE. CURRENT TRADING IN Q3 HAS BEEN DISAPPOINTING​.‍GKN POWDER METALLURGY'S ORGANIC SALES GROWTH CONTINUED IN Q3​.‍GKN DRIVELINE'S TRADING PROFIT CONTINUES TO BEAR ADDITIONAL COSTS OF RAW MATERIALS AND EDRIVE INVESTMENTS​.  Full Article

UPDATE 1-Takeover target GKN raises forecast for electric driveline sales

LONDON, Jan 21 GKN, the British engineering company trying to fend off a hostile bid from Melrose Industries, increased its sales forecast for its electric driveline unit on Sunday, saying it had won significant contracts from major global automakers.