Manufacturing giant’s directors in £1.5m share deal

Three directors of FTSE 100 group Melrose have sought to take advantage of a drop in the company’s share price with the purchase of shares with £1.5m.

Melrose bought Redditch-based manufacturer GKN in March for £8bn after a protracted takeover battle.

Its share price fell throughout autumn as doubts grew about Melrose’s ability to sell off parts of the group at the values that had been hoped for.

Last night’s close of 156p was the result of a 30% fall in just three months, that has wiped off £3bn from the group’s market value.

Executive vice-chairman David Roper has invested nearly £1m, to increase his stake in the business to 0.34%, around £25m.

Senior non-executive director Justin Dowley also invested £466,000 and non-executive director David Lis £39,000.