GKN rejects £7bn Melrose bid, plans to split in two
GKN makes a variety of components in the aerospace and auto sectors
Paddy Power Betfair’s biggest backer increases stake
Move comes after rise in Betfair revenues and profits in first quarter of the year
US banks extend lead over European rivals
Top five US banks have taken 33.5% of global investment banking fee pool so far this year
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