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Dana ups cash offer in hotly contested fight for Britain's GKN

Mon, 26th Mar 2018 07:22

LONDON, March 26 (Reuters) - Auto components maker Dana Incsaid on Monday it had agreed to increase its offer forGKN's Driveline business by $140 million in cash as itstepped up its efforts to fight off rival suitor Melrose.

Shareholders have until March 29 to choose Melrose's offerfor the whole company, or back a plan from GKN's management tosplit off the group's auto business and combine it withU.S.-based Dana Incorporated, leaving GKN focused on aerospaceparts.

GKN said under the new proposal it would now receive $1.77billion in cash after deducting $1.0 billion for the transfer ofpension deficit to the combined Dana-GKN Driveline group. Italso plans to return up to 700 million pounds of cash toshareholders as soon as possible.(Reporting by Kate Holton; editing by Guy Faulconbridge)

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12 Mar 2018 07:14

Melrose ups offer for GKN, says latest bid final

LONDON, March 12 (Reuters) - Melrose Industries raised its offer for GKN, the British engineering company which it is pursuing through a hostile takeover, stating that the new

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12 Mar 2018 05:17

UK Stocks-Factors to watch on March 12

March 12 (Reuters) - Britain's FTSE 100 index is seen opening up 8 points higher at 7,233 on Monday, according to financial bookmakers. * GKN-MELROSE: GKN has struck a deal

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9 Mar 2018 12:57

UPDATE 1-GKN agrees $6 bln tie-up with Dana in bid to fend off Melrose

By Ben Martin March 9 (Reuters) - GKN and Dana Incorporated agreed a $6.1 billion deal on Friday to merge GKN's automotive business with U.S.-based a

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9 Mar 2018 12:18

Britain's GKN signs deal with Dana over auto tie-up

March 9 (Reuters) - Britain's GKN said it had agreed to merge its automotive business with Dana Incorporated to create Dana Plc, adding the deal provided value" for a

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8 Mar 2018 15:01

UPDATE 1-Melrose shareholders and EU approve $9.7 bln bid for GKN

By Ben Martin and Noor Zainab Hussain March 8 (Reuters) - Melrose Industries' 7 billion pound ($9.7 billion) hostile bid for engineering group GKN got a green light from

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7 Mar 2018 12:21

UPDATE 1-Britain's GKN nears deal with Dana over auto tie-up -sources

* Deal expected in about two weeks -sources * Merger would complicate Melrose's hostile bid for GKN (Recasts lead, adds context) By Pamela Barbaglia and Ben

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7 Mar 2018 10:49

Britain's GKN nears deal with Dana over auto unit tie-up - sources

By Pamela Barbaglia and Ben Martin LONDON, March 7 (Reuters) - Britain's GKN is in advanced talks over a merger of its automotive unit with a 7

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6 Mar 2018 15:21

UPDATE 1-UK's Melrose might offer commitments on GKN's future after a takeover

* Hostile offer by Melrose has been rejected by GKN * GKN has countered with plan to split the firm * British engineer involved in U.S., UK

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2 Mar 2018 17:08

UPDATE 1-FTSE hits Dec. 2016 low as May's Brexit speech fails to inspire

* FTSE down 1.5 pct at close * GKN eyes sale of auto unit (Recasts, adds detail, quote and updates prices at close) By Julien Ponthus and Kit Rees LONDON,

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2 Mar 2018 09:51

Britain's FTSE dips as trade war fears loom, focus on May's Brexit speech

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * FTSE down 0.6 pct * Focus on May's Brexit speech around 1330 GMT * GKN eyes sale of auto Julien

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2 Mar 2018 08:03

UPDATE 1-Britain's GKN, fighting hostile bid, says in talks over auto unit deal

LONDON, March 2 (Reuters) - British engineering company GKN is in talks with Dana Incorporated over its auto unit, opening up a new front in its battle to fight off a hostile

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2 Mar 2018 07:16

GKN says in talks with U.S.-based Dana over auto unit sale

LONDON, March 2 (Reuters) - British engineering company GKN said it was in talks with Dana Incorporated regarding the sale of its auto-parts Driveline unit as part of a deal a

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