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Breakingviews - Bond spat is odd look for Melrose deal machine
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Some fights are not worth having. Acquisition machine Melrose is locked in a messy spat with a group of bondholders, who reckon the 6 billion pound group's plan to spin off its car parts division, acquired with GKN in 2018, may have triggered a default. The creditors worry that a demerger will leave them stuck as lenders to a smaller aviation business, as more than half the group's operating profit, as of 2022 half-year results, will travel to the auto unit.
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