New Suitors Emerge for GKN’s Automotive Unit

Roughly a dozen companies have expressed interest in buying GKN plc’s automotive business, sources tell the Financial Times.

The British aerospace and automotive tech enterprise announced plans to split in two in response to a hostile £7 billion ($9.9 billion) bid by U.K. investment company Melrose Industries plc to acquire the entire company. Melrose specializes in buying and revitalizing underperforming companies.

FT’s sources say suitors interested in GKN’s auto unit are especially eager to gain the company’s eDrive powertrain technology for electric vehicles. The company has predicted that the system will multiply sales from £33 million to £500 million by 2022.​​​