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Dana could list in London as part of GKN deal

By Oliver Haill

Date: Wednesday 14 Mar 2018

Dana could list in London as part of GKN deal

(ShareCast News) - US-based auto parts giant Dana Inc could list its shares in London as a condition of its $6.1bn acquisition of GKN's power train business.
GKN last Friday agreed to combine its Driveline business with Dana as it looks to fend off a hostile bid from turnaround specialist Melrose Industries, which upped its offer to £8.1bn this Monday.

Under the terms of the deal, GKN will receive cash proceeds of $1.6bn and shareholders will receive 47.3% of the fully diluted share capital of a newly formed company, Dana Plc, which was to be listed on the New York Stock Exchange and headquartered in Maumee, Ohio.

But Dana's finance director Jonathan Collins told the Financial Times that a secondary listing was "absolutely an option" if it was made a condition of the deal by GKN's investors, some of which have bemoaned the fact they would not be able to hold shares in the new Plc. Collins and chief executive Jim Kamsickas have flow in to London meet some of these institutions and "listen to shareholders' concerns".


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