January 29, 2018 / 6:11 PM / 7 months ago

Melrose proposed 150 million-pound contribution to GKN pensions: source

LONDON (Reuters) - Melrose Industries offered to make a voluntary contribution of as much as 150 million pounds ($211 million) to GKN’s pension schemes as part of its initial bid approach to the British engineering company on Jan. 8, according to a source familiar with the matter.

It comes after GKN said on Monday that the debt involved in Melrose’s hostile takeover offer could result in its retirement plans requiring more cash.

Reporting by Ben Martin; Editing by Edmund Blair

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