February 19, 2018 / 3:07 PM / 4 months ago

British PM May says will act in national interest over GKN bid

LONDON, Feb 19 (Reuters) - British Prime Minister Theresa May said she would act in the national interest when asked for her reaction to a hostile takeover bid of aero-engineer GKN by Melrose.

Melrose Industries has offered 7.4 billion pounds ($10.3 billion) to buy GKN, sparking a war of words between the two companies and drawing the attention of the government due to the company’s position as a leading engineer and large employer.

“We are obviously watching this, we are monitoring this with care. The secretary of state for business, Greg Clark, has spoken to both of the companies involved and as I said in the House of Commons when I was asked about this, we will always act in the national interest.” ($1 = 0.7158 pounds) (Reporting by Kate Holton, Editing by Paul Sandle)

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