MAUMEE, Ohio—Dana Inc. plans for a secondary listing of Dana P.L.C., its proposed combined company with GKN's Driveline division, on the London Stock Exchange.
Dana said in a March 19 release that the plan allows for more GKN shareholders to benefit from the Dana-GKN Driveline combination, a proposed $6.1 billion deal that would create the world's largest supplier of driveline components.
Dana added that it will continue to pay a quarterly dividend of 10 cents per share to its expanded shareholder group. GKN's shareholders will own 47.25 percent of the new company with Dana shareholders owning the remaining 52.75 percent.
"The clear message from shareholders is that they want to be able to hold stock in a combined Dana P.L.C., which will be a global leader in vehicle drive systems and electrical propulsion," Jonathan Collins, Dana chief financial officer and executive vice president, said in a statement. "Through a secondary listing on the London Stock Exchange, existing shareholders of both Dana and GKN will have an opportunity to share in the success of the new company, including value created through the delivery of $235 million in annual synergies."