GKN HOSTILE TAKEOVER BY MELROSE

Early day motion 1107, tabled 21 March 2018 by Lloyd Russell-Moyle (Labour/Co-operative). Signed by 11 members.

That this House opposes the hostile takeover bid tabled by Melrose for GKN; notes that GKN is a vital supply chain manufacturer in the automotive and aerospace sectors, employing over 6,000 workers across the UK; further notes with concern that the City is claiming the bid which will shoulder GKN with cash and heralds a return to the cowboy capitalism of the 1980s, ignoring the lessons of the financial crash; urges the Government to reform the Takeover Code to ensure the interests of workers and the long-term future of the business are prioritised over share price; supports Unite's call to establish a Takeover Commission; presses the Government not to turn a blind eye to this dangerous debt for dividend bid which will set a precedent ending any serious industrial strategy; demands that workers and their representatives are informed and consulted on the business and financing plan of any takeover prior to the acquisition; and calls on the company to meet and keep an open dialogue with Unite and other trades unions, hon. Members, local politicians and other stakeholders throughout the process.

Signatures by party: Labour 8, Independent 1, Labour/Co-operative 1, Scottish National Party 1.