In March 9, 2018, the Dana Inc. of the United States and the Gikain (GKN) transmission system of the United Kingdom announced a merger of up to $6 billion 100 million (about 38 billion 600 million yuan). Become the biggest acquisition event of auto parts industry this year.

With the combination of the two, the new Limited by Share Ltd Dana PLC will be one of the most comprehensive and largest vehicle drivers in the world. After the merger, in addition to the traditional transmission business, dner will also push forward the transformation of electrification technology.

No.1 drive tycoon?

After a 7 billion pound ($9 billion 600 million) hostile takeover for Melrose Industries in the UK, Gikain decided that the price was obviously undervalued (including air and car), and decided to look for a truly suitable partner to remove the aviation and car business. In March 2nd, Gikain just admitted that he was in touch with Dana, and announced a week later that the car business would be merged by Dana.

According to the agreement, dner would pay $1 billion 600 million in cash to Gikain for nearly $1 billion in net pension liabilities and to issue a stock of 133 million new companies to Gikain, with a total value of about $3 billion 500 million (based on the March 8th stock price of dner). The total transaction amount is $6 billion 100 million. It is not yet known that the value of Gikain's aviation business is geometric, but the $6 billion 100 million plus car business will substantially exceed the Melrose's $9 billion 600 million offer.

As a result, Dana shareholders will hold about 52.75% of the new company, and he will hold about 47.25% of the shares. The new company is named Dana PLC, which is registered in the UK, and the stock code of the New York stock exchange is still DAN. It is expected that the transaction will be completed in the second half of 2018, depending on the regular approvals of shareholders and regulators.

When the transaction is completed, management and leadership will take effect immediately. Keith Wandell, the non executive chairman of the dner board, will be the non executive chairman of the new company, and the president and CEO James Kamsickas will be the president, chief executive and director. In addition to Dener's representative, the board of directors of the merged company will include two representatives appointed by Gikain.