Melrose guarantees are worth nothing; Letters.
DEAR Editor, It seems that we have learnt nothing regarding previous hostile takeovers, the latest being Melrose taking control of engineering firm GKN.
To my mind, the only reason that the bid was temporally stalled was because GKN shareholders were hoping that Melrose would up the ante. Now the shareholders have accepted the PS8 billion takeover.
Melrose will probably offer the usual guarantees of no closures or redundancies, but they will not be worth the paper that they are written on. Just ask the Cadbury workers at Bristol. This company is renowned for buying failing companies, asset stripping and moving on, morally this yet again the unacceptable face of capitalism.
Employees working at the GKN plants have been given so-called assurances that their jobs will be secure for five years but these five years with will be like having the sword of Damocles hanging over you.
The three main bosses will make in the region of PS285 million in bonuses.
M Bach, Stirchley
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|Publication:||The Birmingham Post (England)|
|Date:||Apr 5, 2018|
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