U.K. engineer GKN Plc agreed to sell its automotive unit to U.S.-based Dana Inc. in a $6.1 billion transaction aimed at repelling a hostile takeover from investment group Melrose Industries Plc. GKN shareholders would get stock in the new group valued at $3.5 billion, plus $1.6 billion of cash, and Dana would assume $1 billion… Continue reading GKN Seals $6.1 Billion Dana Autos Deal to Fend Off Melrose
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GKN and Dana agree auto-engineering merger for $6.1bn
UK engineering giant GKN has agreed to merge part of its business with US company Dana, as it seeks to fend off a takeover bid from Melrose Industries. The merger will combine GKN’s Driveline division with US auto-engineer Dana in a deal worth $6.1bn (£4.4bn). It comes as Melrose has a £7.4bn offer on the… Continue reading GKN and Dana agree auto-engineering merger for $6.1bn
Britain’s GKN signs deal with Dana over auto tie-up
(Reuters) – Britain’s GKN (GKN.L) said it had agreed to merge its automotive business with Dana Incorporated (DAN.N) to create Dana Plc, adding the deal provided “significantly greater value” for its shareholders than Melrose Plc’s (MRON.L) 7 billion pound ($9.68 billion) hostile bid. The proposed deal gives GKN Driveline a total enterprise value of $6.1… Continue reading Britain’s GKN signs deal with Dana over auto tie-up
BRIEF-Dana To Combine With GKN’s Driveline Division
March 9 (Reuters) – Dana Inc: * DANA ANNOUNCES AGREEMENT TO COMBINE WITH GKN’S DRIVELINE DIVISION * DEAL INCLUDES 133 MILLION NEW DANA PLC SHARES ISSUED TO GKN SHAREHOLDERS, VALUED AT ABOUT $3.5 BILLION * DEAL INCLUDES ASSUMPTION OF ABOUT $1.0 BILLION OF NET PENSION LIABILITIES, AND 133 MILLION NEW DANA PLC SHARES * TOTAL… Continue reading BRIEF-Dana To Combine With GKN’s Driveline Division
Dana Announces Agreement to Combine with GKN’s Driveline Division
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… Continue reading Dana Announces Agreement to Combine with GKN’s Driveline Division
DENSO to Increase Its shareholding in Renesas Electronics Corporation
KARIYA (Japan) ― DENSO Corporation today announced that it has decided to increase its shareholding in Renesas Electronics Corporation to accelerate the development of various in-vehicle systems including automated driving systems that are becoming more advanced, complicated, and larger in scale than ever before. Renesas has cutting-edge technologies for semiconductors that serve as the key devices… Continue reading DENSO to Increase Its shareholding in Renesas Electronics Corporation
News Release – Magna Launches New Composites Center of Excellence in Germany
Please click HERE for a PDF version of the release. Brings advanced composites and carbon fiber expertise to European market Develops lightweight structural and exterior components Enables joint development projects with European automakers SAILAUF, Germany, March 07, 2018 — Magna’s new Composites Center of Excellence in Esslingen, Germany, aims to help European automakers meet increasingly… Continue reading News Release – Magna Launches New Composites Center of Excellence in Germany
Germany’s Continental and Chinese Auto Parts Maker CITC Team Up To Develop Hybrid Battery Systems
Continental AG (CON.XE), a German automotive supplier, said it plans to set up a joint venture with Chinese auto parts maker Sichuan Chengfei Integration Technology Co. to develop and manufacture 48-volt battery systems for cars. Continental AG will hold a 60% interest in the joint venture and the rest will be held by CITC, a… Continue reading Germany’s Continental and Chinese Auto Parts Maker CITC Team Up To Develop Hybrid Battery Systems
Grand Opening: BorgWarner Inaugurates Latest Turbocharger Production Facility in Thailand
New state-of-the-art manufacturing facility for turbochargers in Rayong Meets increasing demand for turbocharging technologies in the growing Southeast Asian market 69,965-square-foot facility featuring clean-room environment is designed according to lean production principles Auburn Hills, Michigan, March 8, 2018 – With a traditional ceremony, BorgWarner celebrated the inauguration of its newest production plant in the Eastern… Continue reading Grand Opening: BorgWarner Inaugurates Latest Turbocharger Production Facility in Thailand
Autoliv Nominated to Develop and Produce First Level 3 ADAS System for Geely
STOCKHOLM, March 8, 2018 /PRNewswire/ — Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, has together with its software joint venture Zenuity, been selected to develop and produce the first Level 3 advanced driver assistance systems for Geely. Autoliv was selected as supplier for Geely’s Level 3 project, which… Continue reading Autoliv Nominated to Develop and Produce First Level 3 ADAS System for Geely