THE board directors of Redditch firm GKN have stepped down after the controversial £8.1 billion takeover by Melrose Industries.

GKN chief executive Anne Stevens and chief financial officer Jos Sclater are among those who resigned on Thursday.

Melrose said an “in-depth review” was now under way and had confirmed the “extent of the opportunity to improve GKN’s business”.

It comes as reports suggest the UK government will waive through the deal after concluding there are no national security or competition concerns raised, despite union and political warnings over the takeover.

Melrose chairman Christopher Miller said: “Today sees the formation of a new manufacturing powerhouse, headquartered in the UK and with diverse operations around the world.

“We have begun our in-depth review and this has confirmed our expectations about the size and scale of the opportunity to create lasting value for shareholders and all stakeholders as we drive the businesses to their full potential.

“We are pleased to make binding commitments to the UK and other governments around the world about our commitment to GKN and to national security."

The offer has now become wholly unconditional after Melrose won acceptances from investors who hold around 85 per cent of GKN.

Melrose won its takeover battle to buy GKN in March after securing the backing of the engineering giant’s shareholders.

A total of 52.43 per cent investor votes were cast in favour of the deal going ahead, just above the 50 per cent plus 1 share threshold.