GKN's (GKN) first-half results were overshadowed by news of its €706m (£499m) acquisition of aerospace supplier Fokker, funded by a £200m placing. The deal, which expands the engineer's global presence and technological capabilities in commercial aircraft markets, triggered a 7 per cent rise in the share price.
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Although GKN was hit by a reduction in Airbus A330 production, healthy orders for business jets and the A350 were enough to send commercial organic sales up 2 per cent. Those gains offset a 4 per cent organic fall in military sales, which continue to suffer the impact of tightened defence budgets in Europe and the US.