Melrose claims victory in GKN takeover battle

Takeover specialist Melrose has claimed victory in the bitter £8.1bn battle for control ofBritish engineering giant GKN.The two sides had been engaged in a protracted war of words after GKN's management snubbed the approach, prompting a hostile bid from Melrose that appealed directly to shareholders.Melrose chairman Christopher Miller said the business would be in "very good hands" but Labour MP Jack Dromey said it was a "bleak day for British industry".