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Melrose to return at least $3 bln to investors after Elster sale

October 6, 2015

Via: itCurated
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Engineering company Melrose Industries Plc said it intends to return proceeds of between 2 billion pounds and 2.5 billion pounds ($3 billion-$3.8 billion) to shareholders following the sale of its utility consumption metering business.

The turnaround specialist, which follows a buy-improve-sell strategy, said it would create a holding company, to be named New Melrose, for the return of capital.