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

Reuters

(Reuters) - Engineering company Melrose Industries Plc (MRON.L) said it intends to return proceeds of between 2 billion pounds and 2.5 billion pounds 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.

Melrose sealed a deal to sell its Elster business to Honeywell International Inc (HON.N) for about $5.1 billion earlier this year. The deal is expected to close in the first quarter of 2016.

(Reporting by Esha Vaish in Bengaluru; Editing by Anupama Dwivedi)