GKN Seeks to Buy Volvo Unit, Sell Wheels Business, Times Says

GKN Plc (GKN) is in talks to buy the aerospace unit of Sweden’s Volvo AB (VOLVB) for 800 million pounds ($1.3 billion), the Sunday Times reported, without saying how it got the information.

The U.K. company plans to raise about 130 million pounds from the sale of its wheels business, which makes parts for construction vehicles, the newspaper reported. Gleacher Shacklock LLP is advising GKN on both transactions, it said.

A GKN spokesman, who didn’t wish to be identified by name citing company policy, declined to comment on either of the transactions when contacted by Bloomberg News.

To contact the reporter on this story: Agnes Lovasz in London at alovasz@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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