Wednesday 7 February 2018 / 1:04 PM Uncategorised

Deeply worrying that corporate elites could make eye-watering sums from GKN takeover – Rebecca Long Bailey

Rebecca Long Bailey MP, Labour’s Shadow Business Secretary, commenting on new analysis from Unite which has revealed that bankers, lawyers and financiers could pocket £140m from the takeover of engineering firm GKN, said:

“It is deeply worrying that corporate elites could make eye-watering sums from the takeover of one of Britain’s biggest engineering and manufacturing businesses.

“This takeover bid could risk weakening Britain’s industrial base and diminishing our national defence capabilities, as well as potentially threatening thousands of jobs.

“The Government should intervene and take a closer look at Melrose’s bid. They cannot sit back and allow for such takeovers to go ahead without appropriate oversight and investigation.”