February 14, 2018 / 8:02 AM / 10 months ago

Britain's GKN seeks to return 2.5 bln pounds over next three years

Feb 14 (Reuters) - British engineering group GKN, seeking to fend off a takeover bid, says it is targeting a 2.5 billion pound ($3.5 billion) cash return to shareholders over the next three years following a review of its business.

GKN, facing a 7.4 billion pound hostile bid from Melrose Industries, said last month it would separate its aerospace and automotive divisions to improve profitability after problems at its aerospace business.

GKN, which makes parts for the Boeing 737 jet, Black Hawk helicopter and components for Volkswagen and Ford cars, says it also expects to deliver a recurring annual cash benefit of 340 million pounds from the end of 2020. ($1 = 0.7198 pounds) (Reporting By Justin George Varghese in Bengaluru; Editing by Keith Weir)

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