Melrose Industries plotting sale of OHP unit for £350.0m, report says

5th Sep 2018 13:48

(Sharecast News) - Melrose Industries has hired bankers to conduct a beauty contest between potential bidders for GKN's Off-Highway Powertrain division.Ahead of the turnaround specialist's half-year numbers, due out on Thursday, Sky News reported the firm had tasked RW Baird with sounding out buyers for the unit, which makes driveshafts for agriculture and mining vehicles.The sales process was expected to kick-off in a few months, with the initial price tag for the OHP unit put at £350.0m.In parallel, a sale was also set to go ahead of GKN's Power Metallurgy business, in a transaction valued at roughly £2.0bn.Combined, the two divestments might allow Melrose to recoup over a quarter of the cost of its hostile takeover of the engineer last April.

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