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GKN agrees $6 billion tie-up with Dana to help fend off Melrose


By Ben Martin(Reuters) - GKN has struck a $6.1 billion deal to merge its automotive business with U.S. company Dana Incorporated in a move by the British engineer to fend off a hostile takeover by turnaround specialist Melrose Industries .FTSE 100-listed GKN said on Friday that it had agreed to combine its Driveline division with the Ohio-based maker of axles and driveshafts in a deal that gives GKN shareholders a 47.25 percent stake in the enlarged, U.S.-listed group. The British company, customers of which include Fiat Chrysler and Volkswagen, will also receive $1.6 billion in cash while ...

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First Published: Fri, March 09 2018. 23:43 IST