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GKN Hostile Takeover By Melrose

EDM number 1107 in 2017-19, proposed by Lloyd Russell-Moyle on 21/03/2018.
Categorised under the topic of Companies.

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.

This motion has been signed by a total of 11 MPs.

MPDateConstituencyPartyType
Lloyd Russell-Moyle21/03/2018Brighton, KemptownLabour/Co-operativeProposed
Dennis Skinner22/03/2018BolsoverLabourSeconded
Kelvin Hopkins22/03/2018Luton NorthLabourSeconded
Jim Cunningham22/03/2018Coventry SouthLabourSeconded
Chris Stephens26/03/2018Glasgow South WestScottish National PartySeconded
Matt Western26/03/2018Warwick and LeamingtonLabourSeconded
Ian Mearns27/03/2018GatesheadLabourSigned
Marie Rimmer27/03/2018St Helens South and WhistonLabourSigned
Mike Hill28/03/2018HartlepoolLabourSigned
Mary Glindon29/03/2018North TynesideLabourSigned
Sandy Martin18/04/2018IpswichLabourSigned

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