New Takeover Bid For Isle Of Wight Employer GKN

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Melrose Industries has increased its offer in the takeover battle for UK engineering giant GKN, which has bases at East Cowes and Whippingham on the Isle of Wight.

The turnaround specialist has raised its bid from £7.4 billion to £8.1 billion.

GKN makes car and aircraft components for manufacturers including Boeing, Volkswagen and Ford and is a major Isle of Wight employer.

The firm has previously turned down offers from Melrose, as Isle of Wight Radio reported.