March 20, 2018 / 7:21 AM / a year ago

GKN, fighting off Melrose, says pension safe under its plan

LONDON, March 20 (Reuters) - British engineering company GKN , target of a takeover bid, said on it had a plan in place to protect its pension scheme, as the issue emerged as the latest battleground between GKN management and hostile suitor Melrose.

“GKN has a clear and comprehensive plan to reduce its pension liabilities and eliminate the deficit in its UK pension schemes. We have a binding agreement with the Trustees which works for all stakeholders: the scheme members, the Trustees and the company and its shareholders,” GKN’s finance director Jos Sclater said in a statement on Tuesday. (Reporting by Sarah Young, Editing by Paul Sandle)

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