GKN agrees £4.4bn deal to merge automotive arm with US counterpart
Engineering giant GKN has agreed to sell its automotive division to US company Dana in a deal worth £4.4bn.
The deal, announced less than a week after the Redditch-based group revealed it was in talks to dispose of the Driveline operation, could put the skids under a £7.4bn hostile takeover from turnaround specialist Melrose.
GKN revealed last week that it was in talks with Dana over the possible acquisition of its Driveline business, which supplies all-wheel-drive systems to many of the leading automotive OEMs.
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