LONDON (Reuters) – Melrose Industries (MRON.L) increased its hostile offer for GKN (GKN.L) by around 10 percent to 8.1 billion pounds ($11.2 billion), trying to win over investors after the British engineering firm struck a rival deal of its own last week. GKN’s board unanimously rejected the new bid on Monday saying it continued to… Continue reading UPDATE 3-Britain’s Melrose raises GKN bid to $11.2 bln in final offer
Tag: Financial Results
Audi sales continued to grow in February
In February the brand with the Four Rings handed over around 130,950 premium automobiles worldwide, up 4.6 percent year-on-year. China (+22.4%) and North America (+13.1%) once again substantially boosted sales. With the new Audi A6 which just was unveiled at the Geneva Motor Show, Audi is entering the next phase of the model initiative. Worldwide… Continue reading Audi sales continued to grow in February
India: Eicher Motors shuts 6-year-old JV with US partner Polaris
March 12, 2018 Eicher Motors Ltd said on Monday that it is shutting down its joint venture with US-based Polaris Industries Inc. immediately, as sales failed to meet expectations after the initial success. The equal venture, Eicher Polaris Pvt. Ltd, was formed in 2012 to manufacture Multix, which the companies touted as India’s first personal… Continue reading India: Eicher Motors shuts 6-year-old JV with US partner Polaris
Tesla increases cost of using its Supercharger stations, still says it ‘will never be a profit center’
Tesla officially introduced its paid Supercharger network access plan over a year ago, but it’s only now starting to have a greater impact since virtually only Model 3 owners are on it and the vehicle is just now starting to hit the roads in greater numbers. And with that, the automaker is now increasing the… Continue reading Tesla increases cost of using its Supercharger stations, still says it ‘will never be a profit center’
GKN Seals $6.1 Billion Dana Autos Deal to Fend Off Melrose
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
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
Hyundai asks for union’s cooperation in cutting worker benefits
SEOUL, March 9 (Yonhap) — Hyundai Motor Co., South Korea’s biggest carmaker by sales, recently asked for the cooperation of its union to accept a cut in benefits as part of a broader move to ride out the unfriendly business environment, the company said Friday. In a letter sent to the union last Friday, the… Continue reading Hyundai asks for union’s cooperation in cutting worker benefits
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
Annual figures: BMW makes record profit – and benefits from Trump’s tax reform
BMW boss Harald Krüger Satisfied in Geneva: BMW can present a new record profit. (Photo: AP) BMW Thanks to the US tax reform, the net profit has increased significantly. The surplus climbed in 2017 to 8.7 billion euros, which is 26 percent more than in the previous year, as the Munich car maker announced on… Continue reading Annual figures: BMW makes record profit – and benefits from Trump’s tax reform