GKN HOSTILE TAKEOVER BY MELROSE

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.