Melrose is courting bidders in a multi-billion sale of the best-performing part of GKN, the historic engineer the turnaround company acquired less than six months ago in a hostile ­takeover.

The turnaround specialist is due to officially launch a £1.8bn sale of GKN’s powder metallurgy division when it posts interim results on Sept 6, according to City sources.

Melrose took control of 259-year-old GKN in March after winning a bitter £8bn takeover battle, the largest hostile takeover the City had seen in almost a decade and which has propelled the combined business into the FTSE 100.

It is now poised to sell GKN’s powder metallurgy unit, which produces precision parts for carmakers and other industries by building up components from metal powders.