LONDON (dpa-AFX) - Melrose Industries (MRO.L) said that its ownership percentage of GKN PLC has increased to 94% by the close of business on 9 May 2018 and is expected to reach 100% in June 2018.
Given the recent acquisition of GKN, Melros Board intends to review the existing Melrose remuneration arrangements and expects to consult with shareholders in the coming months.
The company noted that Ergotron is at the initial stages of a sale process, with US corporate tax likely being due on the excess of the sale price above $350 million.
Christopher Miller, Chairman of Melrose said,'We are very excited by what is in store for Melrose over the next few years. We look forward to working with the GKN employees to transform the prospects of the businesses through significant investment. Nortek and Brush also remain an important focus for Melrose with continuing plans to increase their value and prospects.'
Copyright RTT News/dpa-AFX