GKN rumored to be eyed by SAIC Motor for 450p-per-share takeover bid - FT
SAIC Motor Corporation [SHA: 600104] of China is rumoured to be exploring a 450p-per-share offer for the UK-based aerospace and auto engineering group GKN [LON:GKN], the Financial Times reported. US advisers are believed to have been working on the potential deal, which would give GKN a valuation of close to GBP 8bn (USD 10.7bn), the FT’s market report said, without citing a source for the takeover chatter.
The report noted weekend media items which suggested bidders might be deterred by GKN’s GBP 2.1bn pension black hole.