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Engineering giant GKN has today confirmed that it has been in talks with a US firm, Dana Incorporated, over a potential merger of its automotive business.
GKN said that any combination with Dana would be “effected mainly in equity”.
The engineering firm announced that it intended to complete a demerger by mid-2019 and believes that a deal with Dana “could provide greater value to shareholders and should therefore be explored alongside the demerger, as compared with the Melrose offer”.
The FTSE 100 company, which currently employs 6,000 staff in the UK across its aerospace and automotive divisions, is embroiled in a £7.4bn hostile takeover tussle with investment group Melrose Industries.