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Dana Announces Agreement to Combine with GKNs Driveline Division
publish date:2018-3-12 source:cfmjs view times:229

Mar 9, 2018

MAUMEE, Ohio, March 9, 2018 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that it has signed definitive agreements to combine with the Driveline division of GKN plc (LON: GKN) to create Dana plc, a global leader in driveline systems.  The total consideration is composed of $1.6 billion in cash proceeds to GKN plc, the assumption of approximately $1.0 billion of net pension liabilities, and 133 million new Dana plc shares issued to GKNs shareholders, valued at approximately $3.5 billion (based on Danas share price as of March 8, 2018).

Under terms of the agreements, Dana shareholders will own approximately 52.75 percent of the company with GKN shareholders owning 47.25 percent.  The combined company will be domiciled in the United Kingdom as Dana plc and will continue to trade on the New York Stock Exchange under the ticker symbol DAN. 

"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.  "We have a long history of partnering with GKN, and the companies possess similar cultures and exceptionally talented people.  Our highly complementary businesses share a deep understanding of our customers long-term requirements.  We look forward to welcoming GKN Driveline into the Dana family and to delivering value and growth to our shareholders."

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