GKN agrees $6.1bn merger with Dana to repel Melrose bid

UK engineering firm reveals automotive tie-up with US firm in blow to hostile suitorThe UK engineering company GKN has struck a $6.1bn (£4.4bn) deal to merge its automotive business with the US firm Dana in an attempt to fend off a hostile takeover by Melrose. GKN said on Friday it had agreed to combine its Driveline division with the Ohio-based maker of axles and driveshafts in a deal giving GKN shareholders a 47.25% stake in the enlarged, US-listed group.Continue reading...