Sara Blakely founded SPANX, now a billion-dollar brand, while selling fax machines. She tells Poppy Harlow how she built her dream into a reality.
Sara Blakely founded SPANX, now a billion-dollar brand, while selling fax machines. She tells Poppy Harlow how she built her dream into a reality.
“Commissioning a bespoke suit is an act of faith,” says Huntsman chairman Pierre Lagrange. Get to the heart of the creative process with a look at the many stages that go into making garments that will last for decades – an extraordinary process that, according to Lagrange, is not dissimilar to the act of commissioning a work of art.
This family is hitting the road and doing it in style! They have converted a simple school bus into an unbelievably comfortable home. The entire bus is designed to be off-the-gird giving them perfect freedom to roam wherever they choose.
This video is about the design of everyday objects we take for granted and how the most recognizable bottle in the world got its curves.
By by Leila Hussain
(qlmbusinessnews.com via telegraph.co.uk – – Fri, 13 Apr, 2018) London, Uk – –
British Airways-owner IAG has taken a near-5pc stake in Norwegian Air Shuttle with a view to buying the budget carrier, paving the way to create one of the world's largest airlines.
Shares in Norwegian surged almost 40pc on news of the move, before trading was halted in the company on the Oslo stock exchange. IAG shares slipped 1.2pc.
IAG’s investment was described as a “bolt from the blue” by one airline analyst, though he noted that the company – which owns BA along with Aer Lingus, Iberia, Level and Vueling – closely monitors the operations of all its competitors.
IAG said it had taken a 4.61pc holding in Scandinavian carrier, calling it an “attractive investment” that could lead to a bid for the entire airline.
“The minority investment is intended to establish a position from which to initiate discussions with Norwegian, including the possibility of a full offer,” IAG said in statement to the market. “No such discussions have taken place to date, [and] no decision has been taken to make an offer at this time and there is no certainty that any such decision will be made.”
However, taking such a large stake signals the seriousness of IAG's intent. Norwegian had a market value of £630m before news of the holding emerged. It is estimated that a bid for all of Norwegian could value it at £2.5bn, including the budget carrier's £2bn of debt.
IAG is the sixth-largest airline in the world and has almost 550 aircraft across its brands, which are made up of both “legacy” full-service airlines and budget carriers.
Last year IAG had revenues of of €22.9bn (£20.1bn) and pre-tax profits of €2.4bn, generated from the 105m passengers it carried.
Norwegian is much smaller, with a fleet of about 150 jets, and only established itself as an international player about 15 years ago, though has expanded rapidly since.
In 2012 it set up a Gatwick base on its way to becoming the sixth-largest low-cost airline in the world with an extensive European network. A year later it started long-haul flights, serving South America, South Africa and Asia.
Last year it entered the lucrative UK-US transatlantic market, offering bargain flights starting at £99 from Gatwick and other UK airports on routes dominated by traditional airlines.
In 2017, Norwegian had revenues of 31bn Norwegian krone (£2.8bn) and made a 298m krone loss on the 33m passengers it flew.
IAG’s move on Norwegian shows that the larger company is all too aware of the challenge it poses in the increasingly cut-throat and low-margin air travel industry, which has suffered a rash of collapses recently as costs rise.
“This shows IAG’s growing recognition that Norwegian is becoming a vast airline with a vast route network,” said independent aviation analyst Alex Macheras, adding that IAG launched budget airline Level to take on Norwegian directly.
“However, just because Norwegian has a lot of flights does not mean it is profitable – its financial results are not the best,” Mr Macheras added.
IAG may have chosen to swoop now precisely because of the financial strain Norwegian is under. The target airline is also buying new aircraft at a high rate, with more than 100 on order.
“IAG’s launch of Level shows it takes Norwegian seriously as a competitor,” said John Strickland of industry analysts JLS Consulting. “IAG may now see Norwegian as weak, and they see an opportunity – or they may not want it to fall into someone else’s hands.”
Michael O’Leary, chief executive of budget carrier Ryanair, Europe’s largest airline, has been a harsh critic of Norwegian, predicting it will fail.
Speaking in the autumn, the outspoken Ryanair boss said Norwegian had “huge aircraft orders it doesn’t have the cash to pay for” and said it was an “open secret” in the industry it was in trouble.
At the time Norwegian dismissed the claims as “nonsense” saying it had been profitable for a decade.
Speaking to Bloomberg, Norwegian said it had no prior knowledge of IAG buying the shares before it was reported in the media on Thursday morning. It said that IAG’s interest confirmed the sustainability of its business model.
By Alan Tovey
(qlmbusinessnews.com via news.sky.com– Mon, 9 Apr 2018) London, Uk – –
Germany's biggest lender ousts its British boss following boardroom clashes over the lender's failing turnaround effort.
Deutsche Bank has sacked its British chief executive John Cryan after three years of financial losses.
Mr Cryan will leave Germany's biggest lender at the end of April.
He took the job in July 2015, following the departures of co-CEOs Anshu Jain and Juergen Fitschen.
Before that, he was president for Europe at the Singaporean sovereign wealth fund Temasek and chief financial officer of Swiss bank UBS.
The 57-year-old had tried to cut costs and pull the bank from less profitable businesses and regions.
Despite this, recovery was slow, not helped by low interest rates putting pressure on lending margins as well as a reduced income from trading stocks and bonds.
A good chunk of any profits were eroded by litigation costs and Deutsche Bank lost €735m (£640m) last year.
Paul Achleitner, chairman of the bank's supervisory board, said in a statement: “Despite his relatively short tenure as CEO, John Cryan has played a critical role in the almost 150 year history of Deutsche Bank – and laid the groundwork for a successful future of the bank.
“The supervisory board in general and I personally are grateful for this.
“However, following a comprehensive analysis we came to the conclusion that we need a new execution dynamic in the leadership of our bank.”
Mr Cryan is to be replaced by Christian Sewing, who has been at Deutsche Bank since 1989 and was previously a member of the bank's management board.
Mr Achleitner described the new chief executive as a “strong and disciplined leader”.
He added: “The Supervisory Board is convinced that he and his team will be able to successfully lead Deutsche Bank into a new era.”
By Sharon Marris
(qlmbusinessnews.com via bbc.co.uk – – Mon, 9 Apr 2018) London, Uk – –
All estate agents will be required to hold a professional qualification under new government rules to crack down on “rogue” operators.
Managing agents will also be forced to reveal the fees they receive for referrals to solicitors, surveyors and mortgage brokers.
Housing Secretary Sajid Javid also vowed to tackle “stressful” delays faced by buyers and sellers.
Estate agents welcomed the plans but Labour called them “small scale”.
According to government research, there are approximately 20,000 estate agent businesses across the country, and currently, anyone can practise as an agent.
However, it said a minority caused problems and that about a quarter of sellers said they would use a different agent if they were to sell their home again.
The government also vowed to tackle “gazumping”, where a seller pulls out of a sale to take a higher offer from another buyer.
Instead buyers and sellers would be encouraged to sign lock-in agreements and face losing money if they backed out of a deal without justification.
It said delayed decisions currently contributed to more than 250,000 house sales falling through annually.
Mr Javid said: “Buying a home is one of the biggest and most important purchases someone will make in their life. But for far too long buyers and sellers have been trapped in a stressful system full of delays and uncertainty.
“So we're going to put the consumers back in the driving seat.”
The Ministry of Housing, Communities and Local Government also said it would:
Require estate agents and freeholders to provide up-to-date lease information for a set fee and to an agreed timetable, which will end the current situation where leaseholders are “at the mercy” of freeholders and their agents
Strengthen Trading Standards so it can carry out more enforcement activity, including banning agents
Produce guides on “How to Buy” and “How to Sell” to ensure customers are better informed about the process and know what questions they should be asking
Paula Higgins, boss of campaign group the Homeowners Alliance, said: “These reforms – which the HOA called for – will go a long way to bring more certainty for homeowners and help stop sales falling through.
“In an industry tarnished by Wild West attitudes, these reforms will send the cowboys packing.”
Mark Hayward, head estate agents body NAEA Propertymark, said he welcomed the commitment to further regulation.
“We have long argued that estate agents should be recognised as professionals. This is an important step towards achieving this and we look forward to working with the government.”
But John Healey MP, Labour's shadow housing secretary, said the proposals fell “far short” of the changes needed to help homeowners and first-time buyers.
“Homeownership rose under Labour but has fallen under the Tories and there are now a million fewer younger households owning a home than there were in 2010.
“At the same time, this month ministers have scrapped Support for Mortgage Interest payments that helped over 100,000 homeowners last year.”
Last week the government also introduced new measures to crack down on rogue landlords.
It will launch a national database that allows councils to more easily track landlords who have been convicted of housing or other criminal offences. Tougher laws could also see offenders hit with lifetime bans from leasing homes.
Brooklyn Decker and Whitney Casey talk to Laurie Segall about their company Finery. The app helps women catalogue their wardrobe and rediscover clothes they haven't worn in years
10 unknown destinations from Treehouse Point the place to go for healthy adventure or head out to Finland for the best arctic resort.
Visitors to The Shard in London can zoom across the sky in a new virtual reality experience that has been described as ‘sightseeing with adrenaline.'
In this video you can see best 3d street art painting and amazing street art Illusion 3d Street Art known as 3d mark art is two-dimensional art work drawn on the street that gives you a three-dimensional optical illusion from a certain viewpoint. Kurt Wenner the street painter developed a new form of street art, the 3D street painting, to produce three-dimensional optical illusion on a two-dimensional horizontal surface.This new art form of street painting has been gaining significance all around the world and is disseminated by various artists. It is admired at street painting festivals as well as advertising events. Street artists do not desire to change the definition of 3d artwork, but rather to question the present environment with its own language. i hope you will enjoy these 3D street art works.
(qlmbusinessnews.com via telegraph.co.uk – – Tue, 3 Apr 2018) London, Uk – –
Rupert Murdoch’s 21st Century Fox has offered to sell Sky’s news channel to Disney in the hope of winning political approval for its proposed £18.5bn takeover of the UK broadcaster.
The move was one of two remedies offered by Fox to the Competition and Markets Authority (CMA), the other being a legal separation of Sky News from its parent company and a guarantee to fund the channel for 15 years.
The media giant said either remedy should assuage concerns about the channel’s editorial independence after the CMA said its proposed deal for the 61pc of Sky it doesn’t already own would not be in the public interest because of Mr Murdoch's control of other news outlets including The Sun and The Times.
Fox is in the process of selling the bulk of its assets to Disney, including its Sky stake, but said the sale of Sky News could take place regardless of whether the two companies’ £51bn mega-merger goes ahead. The deal, announced in December, is expected to take up to two years to secure approval from regulators.
The proposed legal separation of Sky News would include the creation of a new limited company with its own “fully independent” board, while Fox said Mr Murdoch and his son James, Fox’s chief executive, would give “personal undertakings” not to interfere with the channel’s editorial decisions.
Fox said: “We offered this even though the record before the CMA shows that, over the course of nearly 30 years as Sky's founding shareholder, neither 21st Century Fox, nor the Murdoch Family Trust, have ever sought to influence the editorial direction of Sky News.”
Mr Murdoch’s business will also have to fend off a rival £22bn offer for Sky from Disney’s rival Comcast, which made the approach in February, sending the UK broadcaster’s shares up in anticipation of a bidding war.
Fox also warned the CMA against accepting “a number of unsupported and fanciful assertions” by “a group of politicians” opposed to the deal.
The company said if the regulator took those assertions at face value it would “compromise the integrity of a system which is supposed to be objective, evidenced-based and grounded on the application of established legal principles.”
By Jack Torrance
He was a South African anti-apartheid revolutionary, politician, and philanthropist.
He served as President of South Africa from 1994 to 1999.
He is held in deep respect within South Africa, and he's often described as the “Father of the Nation”.
He's Nelson Mandela and here are his Top 10 Rules for Success.
Creature Technology is the world’s top animatronics company that makes giant dinosaurs, bears, gorillas, and whatever else museums and amusement parks need.
These are the companies that are always battling each other to make sure we buy their products. Counting down our picks for the top 10 business rivalries.
Ford Motor Co., Ltd., Changan Ford Motor Co., Ltd. and Alibaba.com's Tmall Vehicle launched a brand new brand experience pilot program to provide consumers with a “Super Test Drive” service. The project will use a combination of online digital technology and offline entities to provide consumers with a more convenient, efficient, and in-depth test drive experience, and ultimately lead potential consumers to the Ford brand more accurately. Authorize dealerships and ultimately help facilitate offline transactions.
From now on until April 23, Ford will enter the “Super Test Drive” vending machine building located in Baiyun District of Guangzhou as the exclusive co-brand of Tmall. The whole building is equipped with intelligent lifting system and advanced identity authentication system. It can accommodate up to 42 carts at a time. Ford Motor Company, Changan Ford Motor Co., Ltd. and Jiangling Motors Co., Ltd. provide up to ten Ford brand models for consumers to test drive test experience, including domestic models, such as car products Taurus, new Mondeo, SUV products Maverick, Ruijie and Qilu Imported models such as full-size SUV explorers; Ford Mustang, a classic American muscle sports car sought after by consumers, joined this wonderful lineup.
(qlmbusinessnews.com via news.sky.com– Fri, 30 Mar 2018) London, Uk – –
Chief executive Jes Staley described the fine – which was lower than had been previously expected – as a “fair and proportionate”.
Barclays has agreed a $2bn (£1.4bn) settlement with the US Department of Justice over claims that it mis-sold mortgage-backed securities in the run-up to the financial crisis.
The fine draws a line under a major misconduct issue that had been hanging over the bank after it decided in 2016 to contest the far higher sum that the DoJ was reportedly seeking.
Barclays chief executive Jes Staley said it was a “fair and proportionate settlement” and it is likely to be seen as a vindication of his decision to play hardball with US authorities.
The DoJ had been thought to be going for a sum closer to the $7.2bn penalty agreed by Deutsche Bank or $5.3bn by Credit Suisse, both at the start of last year, over similar claims.
The department's civil action against Barclays alleged that the bank caused billions of dollars in losses to investors through a fraudulent scheme to sell 36 bundles of toxic mortgage assets between 2005 and 2007.
It was alleged that it misled those investors about the quality of the home loans backing those deals. The DoJ said more than half of the mortgages defaulted.
In addition to the bank's fine, two US-based former Barclays employees have agreed to pay penalties totalling $2m. The penalties for Barclays and the individuals follow a three-year investigation.
Mr Staley said: “I am pleased that we have been able to reach a fair and proportionate settlement with the Department of Justice.
“It has been a priority for this management team from the start to resolve these historic issues in a timely and appropriate manner wherever possible.”
Mr Staley said by “putting significant legacy matters” behind it as well as completing its restructuring last year, Barclays was “well positioned to produce stronger earnings going forward”.
:: Sky Views: US must stop dragging its feet over RBS fine
The bank said it “resolves all actual and potential civil claims by the DoJ relating to Barclays' securitisation, underwriting and sale of mortgage-backed securities sold by Barclays between 2005 and 2007”.
Richard Donoghue, US attorney for the eastern district of New York, said: “This settlement reflects the ongoing commitment of the Department of Justice, and this Office, to hold banks and other entities and individuals accountable for their fraudulent conduct.
“The substantial penalty Barclays and its executives have agreed to pay is an important step in recognising the harm that was caused to the national economy and to investors in RMBS.”
The bank last month reported a £1.9bn loss for 2017 after US tax reforms and an accounting write-down from the sale of its Africa businesses resulted in big one-off charges.
Major US lenders have already agreed penalties over mortgage-backed security allegations in recent years while HSBC, UBS and Royal Bank of Scotland are still waiting their turn.
For RBS, which remains more than 70% taxpayer-owned, a long-awaited settlement will be a hugely significant milestone as the beleaguered bank aims to return to normality by re-starting dividend pay-outs, making it easier to start returning the lender to the private sector.
By John-Paul Ford Rojas, Business Reporter
(qlmbusinessnews.com via telegraph.co.uk – – Thur, 29 Mar 2018) London, Uk – –
Conviviality has become the latest retailer to collapse into administration, putting 2,500 jobs at risk and risking supply disruption to Britain's pubs, after failing to secure emergency funds from investors.
On Thursday the owner of Bargain Booze and Wine Rack said it would appoint administrators within 10 business days, although creditors could force administration sooner.
The chain operates around 700 shops and supplies an estimated 17,000 outlets. Its Matthew Clark subsidiary is one of the country's biggest suppliers to the on-trade, serving more than 20,000 pubs including the JD Wetherspoon chain.
Trade body the British Beer & Pub Association said it was working with its members to assess the impact of its collapse. “Alternative suppliers will be sought in order to minimise the impact on the trade as far as possible, but inevitably a situation like this will be causing concern for some pubs,” a spokesman said.
Problems have been mounting for the Bargain Booze owner over the past couple of weeks, as it revealed a string of profit warnings, axed its chief executive and said it was facing a £30m tax bill, which is due today.
Conviviality last week had issued a plea to investors for £125m in cash, in a last-ditch attempt to raise enough funds to pay off the tax bill and reduce its debts.
It had been holding meetings with those institutional investors, as well as customers and suppliers to reduce the provision of support, over the past week.
The company said today: “Unless circumstances change, and in accordance with statutory requirements, the board intend to appoint administrators within 10 business days. The secured creditors can, however, appoint administrators without the requirement for notice.
“The directors intend to allow the business to continue to trade and the company continues to work alongside advisers in order to preserve as much value as possible for all stakeholders as it explores a number of inbound enquiries regarding a potential sale of all or parts of the business.”
Yesterday Conviviality said there was “ultimately insufficient demand” for its shares to raise the £125m it had been seeking. This amount had been the “minimum required to adequately recapitalise the business”.
Chief executive Diana Hunter resigned earlier this month after the scale of the company's problems became clear.
Its shares on London's junior Aim market remain suspended and shareholders have been told they will receive “little-to-nil value” for their stock.
It is thought that a break-up and sale of separate businesses is the most likely possibility, with sources close to the company saying its brands were such strong enough to stand as separate entities.
Conviviality has been hampered by rising debt levels as it expanded rapidly since 2013.
In recent years, it has spent £1.7m on 26 shops in Yorkshire and the North East from rival Rhythm & Booze, splashed another £6m on Midlands-based off-licence chain GT News, and bought larger names such as wholesaler Matthew Clarke and wine specialist Bibendum in 2016.
The news of its imminent break-up will come as yet another blow to a retail industry already reeling from a series of high-profile collapses, including Maplin and Toys R Us, which together put the future of 5,500 workers at risk
Meanwhile other retailers, such as New Look, Carpetright and Mothercare, are racing to shore up their finances, seeking rent cuts from landlords and shuttering stores.
By Hannah Boland and Jon Yeomans
(qlmbusinessnews.com via theguardian.com – – Wed, 28 Mar 2018) London, Uk – –
Deal, worth up to £1.3bn, shows Waymo’s ambition in developing driverless ride-hailing service
Jaguar Land Rover is to supply up to 20,000 of its new electric I-Pace cars to Waymo, a subsidiary of Google owner Alphabet,to be converted into self-driving vehicles for its ride-hailing service.
The tie-up, worth up to £1.3bn and announced at the New York motor show, is a further mark of Waymo’s ambition in the race with Uber and others to develop a driverless ride-hailing service – as well as a huge boost for Britain’s biggest car manufacturer as it takes it first steps into electric vehicles.
Jaguar will deliver vehicles for Waymo’s ride-hailing service from 2020. Waymo says the 20,000 I-Pace models will provide up to 1m rides a day.
Although the I-Pace will be produced in Graz, Austria, JLR stressed that it is a British designed and engineered vehicle, from its research and development facility in the West Midlands.
JLR, owned by Indian company Tata, did not put a price on the deal, but an I-Pace, launched less than a month ago, retails at about £63,000 in the UK.
The manufacturer said it would be “a long-term strategic partnership” to develop the world’s first premium self-driving electric vehicle. Testing of the Jaguar car, equipped with Waymo’s self-driving technology, will start in Arizona later this year.
The expansion of the service comes despite fresh fears raised over the safety of self-driving cars, after an autonomous Uber car killed a pedestrian in Arizona last week – the first such casualty.
Uber’s testing of vehicles in Arizona has been suspended after the incident. The victim, a 49-year-old woman wheeling a bicycle, appeared not to be detected by the vehicle’s sensors. The Volvo was operating autonomously with a back-up driver in the front seat when it struck the pedestrian.
Nvidia, which supplies chips for Uber’s self-driving cars, and Toyota have also suspended testing of autonomous vehicles on US public roads following the accident.
The suspensions leave Waymo as the only company with a fleet of fully self-driving cars – and with no one in the front seat – on public roads in the US, and on course to launch the first robotic taxi service, where members can hail cars via Waymo’s app, by the end of the year.
In the UK, JLR has been involved in a range of government-backed trials involving connected and autonomous vehicles, last week demonstrating how emergency braking warning systems could improve safety.
Waymo has been building up a fleet of self-driving vehicles in partnership with Fiat Chrysler since 2015. Last month it said it would buy thousands more of the Chrysler Pacifica minivans, on top of 600 it has already converted, to form the basis for a ride-hailing service that Waymo plans to launch in Arizona later this year.
JLR’s tie-up with Waymo is another in a series by car manufacturers with new technology firms, following Ford partnering with Lyft and Uber with Volvo.
The auto industry is making substantial investments in autonomous, connected and electric cars, having been heavily committed to diesel and highly fuel-consuming vehicles.
Ralf Speth, the JLR chief executive, said: “With the Jaguar I-Pace we have a world-beating car that’s captured the imagination of customers around the world. Our passion for further advancing smart mobility needs expert long-term partners.
“In joining forces with Waymo we are pioneering to push the boundaries of technology. Together we will deliver the self-driving Waymo Jaguar I-Pace with the grace, space and eco-pace that customers expect.”
John Krafcik, the chief executive of Waymo, said: “While we’ve been focused at Waymo on building the world’s most experienced driver, the team at Jaguar Land Rover has developed an all-new battery-electric platform that looks to set a new standard in safety, design and capability.”
By Gwyn Topham
(qlmbusinessnews.com via bbc.co.uk – – Tue, 27 Mar 2018) London, Uk – –
Business Secretary Greg Clark has written to Melrose demanding “binding” commitments from the turnaround specialist over its £8.1bn bid for GKN.
Mr Clark sought “extensive and clear” measures over GKN's workforce, research and development, and pension schemes.
He also raised concerns over national security given GKN's role in supplying the UK armed forces.
In response, Melrose set out a number of pledges, including not selling GKN's Aerospace Division for five years.
It also said that for five years it would maintain GKN's UK listing, maintain its UK headquarters, and ensure research and development (R&D) spending remained at least 2.2% of sales.
GKN makes parts for planemakers Airbus and Boeing, as well as parts for Volkswagen and Ford cars.
It is one of the UK's largest industrial firms, employing more than 59,000 people globally – 6,000 of them in the UK.
Melrose specialises in buying up industrial companies it believes are undervalued and restructuring them before selling them on.
GKN shareholders have until midday on Thursday to accept the bid from Melrose, or back GKN's own business plan.
The plan includes combining GKN's auto unit with US group Dana, leaving GKN to concentrate on its aerospace business.
In his letter to Melrose chief executive Simon Peckham, Mr Clark set out a series of commitments “which would need to be binding” if the company's bid for GKN was successful.
He said GKN should remain operating as a UK business, with its share listing and headquarters staying in the UK.
GKN should also maintain its UK workforce and respect existing employment rights.
In addition, Mr Clark sought commitments over investment in R&D, investment in workforce training, and arrangements for current and future pensioners.
In the area of defence, the business secretary said he would expect “to see a commitment to continuity of ownership and strategic investment”.
Also, Melrose should not quickly sell-on the business without the government's consent.
Mr Clark said he was “mindful the business model which Melrose operates and its history of acquiring, improving and selling businesses”.
“Whilst this approach can have an important and beneficial role to play, tensions could arise between this approach and the need for long-term investment and stability.
He said the public “reasonably” expects that companies which receive public money through contracts or R&D, should take a long-term view.
In response, Mr Peckham said Melrose's proposal was preferable to the “fire-sale being undertaken by the current GKN board”.
He said Melrose had agreed a number of legally enforceable undertakings with the Takeover Panel to address the government's concerns – including maintaining GKN's UK base and its spending on R&D.
In addition, he said: “To demonstrate the strength of our commitment and ensure that its improvement and investment programme is not unduly interrupted, we are willing to make a legally binding commitment to you.. that, subject to below, Melrose will not sell the Aerospace Division before 1 April 2023.”
Mr Peckham added that this would not prohibit it from floating the Aerospace Division on the UK stock market.
He also said that if it was approached by a “suitable strategic purchaser” before 1 April 2023, Melrose would seek government approval for the deal.
Analysis, Simon Jack, business editor
With two days left in which shareholders must decide whether to accept the bid – how many who liked the look of the Melrose bid will think again now that the company has tied its hands more than it may have liked?
Not many, according to one big shareholder who spoke to the BBC. Certainly, the government thinks that Melrose has a good chance – and wanted to makes its concerns known while it still can.
Whatever happens between now and Thursday, the future of GKN will look very different.
Investors have until Thursday lunchtime to decide – 50.01% is the level of support needed.
By Simon Jack