GKN: Goldman Sachs Cuts Stake to 6.71%

By Adria Calatayud

GKN PLC (GKN.LN) said Thursday that Goldman Sachs Group Inc. (GS) had nearly halved its stake in the company to 6.71%, ahead of the deadline for shareholders to vote on a proposed takeover by Melrose Industries PLC (MRO.LN).

The British company said Goldman Sachs previously held an 11.79% interest. The U.S. bank reduced its stake on Monday, but GKN disclosed the transaction in a regulatory filing on Thursday.

GKN has been fighting off a hostile takeover attempt from Melrose Industries since the turnaround specialist first approached the company on Jan. 8. Melrose has offered shareholders 8.1 billion pounds ($11.45 billion) to buy the company. GKN shareholders had until 1200 GMT on Thursday to accept Melrose's bid.

GKN shares at 1444 GMT were up 1.8% at 430.70 pence.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

March 29, 2018 11:09 ET (15:09 GMT)

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