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Volvo Aero finds UK buyer
According to a report by Bloomberg, the aircraft engine manufacturer Volvo Aero will be sold within a month. British GKN is expected to be the buyer.
Bloomberg, which cited two sources familiar with the situation, reported that competing parties have withdrawn from bidding for the company. Volvo and GKN are now close to reaching an agreement within the next two weeks.
GKN’s original bid was to about 800 million pounds, however it is now expected that the purchase price will be slightly less.
GKN may be purchasing the company to expand their range of offerings in the face of reduced defense spending from the United States as well as several European countries.
