Turnaround firm, Melrose, is trying to stage a hostile takeover bid of engineering giant GKN, and plans to split its automotive and aerospace divisions.
Our reps have met with GKN directors, lobbied MPs and Government ministers and are now seeking meetings with the major shareholders of GKN and Melrose.
The Melrose bid proposes using millions of pounds worth of debt to tempt shareholders with promises of an ‘extraordinary dividend.’
That means a big pay out for hedge funds and other shareholders, big fees for the banks and a hefty £285 million in bonuses for Melrose bosses – but it’ll leave GKN in serious debt that the workforce will be expected to shoulder. That is unacceptable.
Unite is urging Government ministers to block this bid and toughen up UK takeover rules.
It’s a bad deal for all of us
Unite is the main union representing workers across GKN’s UK automotive, aerospace and research and development divisions which employ a total of 6,000 workers.
We must campaign to defend GKN and thousands of highly skilled manufacturing jobs from this hostile bid. What we need is a long-term commitment, matched by investment, rather than a damaging restructure or a
What YOU can do
Write to your MP
MPs must put pressure on the Secretary of State to intervene and block any bid which fails to protect the long term interests of the business and the workforce.
We have drafted a letter below as a template for you to write to your MP. It only takes a minute and you can find a full list of MPs with GKN sites in their constituencies under campaign resources below too.
Have your say
Picture: Senior GKN reps from across all major UK sites lobbying MPs – Rebecca-Long Bailey, Lucy Allan, Ian
Mearns and Jack Dromey
It is important that Unite’s response to this takeover bid is led by you. Please share your views on our online survey here.
Or visit: https://response.questback.com/unitetheunion/uniteinGKN
. (All options and details will be treated in strict confidence).
Join a workplace meeting
Unite senior stewards will be holding members’ meetings in all major GKN workplace. Contact your rep for more information.
Together we can make a difference.