Dana Incorporated recently undertook a series of productive meetings with U.K.-based shareholders of GKN PLC. During those meetings, Dana says it outlined the compelling rationale for its proposed combination with GKN Driveline. Dana received direct feedback from GKN shareholders that they would like to hold stock in the proposed new Dana plc and participate in the undeniable strategic benefits of the Dana-GKN Driveline combination, as well as the significant value that will be unlocked through this transaction.
In order to provide more shareholders with an opportunity to hold stock of Dana plc, Dana confirmed Monday it will seek a secondary ‘standard listing’ on the Main Market of the London Stock Exchange for Dana plc following the completion of the proposed combination.
Additionally, Dana says it expects to continue to pay its current quarterly dividend of $0.10 per share to the enlarged shareholder group.
“The clear message from shareholders is that they want to be able to hold stock in a combined Dana plc, which will be a global leader in vehicle drive systems and electrical propulsion,” says Jonathan Collins, executive vice president and chief financial officer of Dana. “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.”