UK's GKN To Merge A Part Of Business With Dana

GKN car

The merger between the renowned USA and United Kingdom based driveline businesses will be called Dana plc.

GKN management had been attempting to win over shareholders by announcing a plan to split the two main parts of the business - Driveline and aerospace, but said last week that a combination of the Driveline branch with Dana could provide greater shareholder value than the original plan. GKN shareholders will receive 47.25% of a new entity called Dana PLC, which will be domiciled in the United Kingdom.

Melrose offered GKN £7.4bn for a takeover.

"This transformative and strategic transaction solidifies Dana as a world leader in vehicle drive systems and establishes a leading position in electric propulsion, which we see as the future of vehicle drivetrains", said James Kamsickas, president and CEO of Dana. Earlier this week, the chief executive of Melrose Industries told MPs its proposed takeover of GKN would be "safer for everyone in the long term, including the United Kingdom economy".

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The announcement comes after shareholders in Melrose voted in favour of its GKN bid yesterday at an annual general meeting.

Dana shareholders will own approximately 52.75 percent of the company with GKN shareholders owning 47.25 percent.

"GKN is continuing to pursue the sale of its non-core businesses including Powder Metallurgy".

In January, GKN announced that it meant to separate its aerospace and automotive businesses and confirmed on 27 February that it meant to complete a demerger by mid-2019.

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