{"id":14588,"date":"2018-02-07T14:38:31","date_gmt":"2018-02-07T14:38:31","guid":{"rendered":"http:\/\/unitelive.org\/?p=14588"},"modified":"2020-11-12T12:59:09","modified_gmt":"2020-11-12T12:59:09","slug":"jackpot-payday","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=14588","title":{"rendered":"‘Jackpot payday’"},"content":{"rendered":"
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Bankers, financiers, lawyers and public relations executives stand to rake in millions as part of a massive payday totalling around \u00c2\u0141140m if Melrose succeeds in its \u00e2\u20ac\u0098debt fuelled\u00e2\u20ac\u2122 bid for the aerospace and automotive engineering firm GKN, Unite revealed today (February 7).<\/p>\n

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The \u00e2\u20ac\u0098eye watering\u00e2\u20ac\u2122 sum in fees and expenses is the equivalent to winning tonight\u00e2\u20ac\u2122s national lottery 12 times over, or 83 times the average total lifetime wage of a GKN worker.<\/p>\n

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Detailed in Melrose\u00e2\u20ac\u2122s own bid document, the figures for fees and expenses follow earlier revelations that the four top executives of Melrose stand to make a reported \u00c2\u0141285m between them in \u00e2\u20ac\u0098incentives\u00e2\u20ac\u2122 if they boost GKN\u00e2\u20ac\u2122s share price following a successful takeover.<\/p>\n

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In echoes of the \u00e2\u20ac\u0098cowboy capitalist\u00e2\u20ac\u2122 takeovers of the 1980s, the potential total amount to be pocketed by Melrose executives and their advisors from a successful takeover could be upwards of \u00c2\u0141425m, or the equivalent of six Airbus A320 airliners whose wings GKN work on.<\/p>\n

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The figures come ahead of today\u00e2\u20ac\u2122s (February 7) meeting with the business secretary Greg Clark, where Unite workplace representatives from GKN will urge the secretary of state to block Melrose\u00e2\u20ac\u2122s bid in the public interest, warning that the deal could damage the government\u00e2\u20ac\u2122s industrial strategy and national defence interests.<\/p>\n

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Bid fees and expenses as detailed by Melrose include between \u00c2\u01416m and \u00c2\u014169m on financing arrangements; up to \u00c2\u014150.5m on financial and corporate broking advice; and between \u00c2\u01411m and \u00c2\u01415m on public relations advice if the bid succeeds.<\/p>\n

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A further \u00c2\u01419m will be spent on legal advice; \u00c2\u01412m on accounting advice; and \u00c2\u01411m on professional services, plus \u00c2\u01413m on costs and expenses.<\/p>\n

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\u00e2\u20ac\u015bThe astronomical sums of money that could be pocketed by bankers, financiers and Melrose bosses from the \u00e2\u20ac\u0098debt fuelled\u00e2\u20ac\u2122 takeover of GKN would have the Gordon Gekkos of the 1980s licking their lips,\u00e2\u20ac\u0165 said Unite assistant general secretary Steve Turner.<\/p>\n

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\u00e2\u20ac\u015bThis is a bid that puts a \u00e2\u20ac\u0098jackpot\u00e2\u20ac\u2122 payday for a small number of people ahead of the long-term stability of a world a class engineering firm and the thousands of workers who make it a success,\u00e2\u20ac\u0165 he added.<\/p>\n

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\u00e2\u20ac\u015bThe government needs to stop this takeover and prevent the wealth of the firm being stripped and funnelled into the pockets of wheeler dealers at the expense of GKN workers\u00e2\u20ac\u2122 livelihoods.\u00e2\u20ac\u0165<\/p>\n

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Unite assistant general secretary Tony Burke added that because GKN is \u00e2\u20ac\u015bat the cutting edge of electric vehicle technology and aerospace engineering\u00e2\u20ac\u0165, it is a vital component in \u00e2\u20ac\u015bmaking the UK government\u00e2\u20ac\u2122s industrial strategy a success and integral to UK defence interests.<\/p>\n

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\u00e2\u20ac\u015bThe short term desire of a few to rake in millions through this takeover puts all this at risk,\u00e2\u20ac\u0165 he argued. \u00e2\u20ac\u015bThere is a real danger if the takeover succeeds that long term investment will dry up, leading to cuts in research and development and the UK\u00e2\u20ac\u2122s defence capability being harmed.<\/p>\n

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\u00e2\u20ac\u015bThe business secretary Greg Clark must use the power he has to act in the national interest and intervene to block this bid, as well as strengthening takeover laws to ensure public and social interests are put first.<\/p>\n

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\u00e2\u20ac\u015bUnite is clear, we will not allow two sets of management to compete for the affections of shareholders by promising faster and deeper cuts. For Unite defending jobs always comes first.\u00e2\u20ac\u0165<\/p>\n","protected":false},"excerpt":{"rendered":"

Bankers, financiers, lawyers and public relations executives stand to rake in millions as part of a massive payday totalling around \u00c2\u0141140m if Melrose succeeds in its \u00e2\u20ac\u0098debt fuelled\u00e2\u20ac\u2122 bid for the aerospace and automotive engineering firm GKN, Unite revealed today (February 7).   The \u00e2\u20ac\u0098eye watering\u00e2\u20ac\u2122 sum in fees and expenses is the equivalent to […]<\/p>\n","protected":false},"author":2,"featured_media":14486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[624,867,690],"wps_subtitle":"Bankers, lawyers and PR execs to rake in millions from GKN bid","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/14588"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14588"}],"version-history":[{"count":2,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/14588\/revisions"}],"predecessor-version":[{"id":26405,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/14588\/revisions\/26405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/14486"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}