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Britain's GKN signs deal with Dana over auto tie-up

Reuters - UK Focus

March 9 (Reuters) - Britain's GKN (Frankfurt: 694194 - news) said it had agreed to merge its automotive business with Dana Incorporated (Frankfurt: 4DH.F - news) to create Dana Plc, adding the deal provided "significantly greater value" for its shareholders than Melrose Plc's 7 billion pound ($9.68 billion) hostile bid.

The proposed deal gives GKN Driveline a total enterprise value of $6.1 billion, equal to a 2017 enterprise value to core earnings multiple of 7.5 times.

"The board of GKN believes the proposed transaction, together with the prospects for GKN Aerospace, provides significantly greater value for GKN's shareholders than the Melrose (LSE: 136541.L - news) offer," GKN said. ($1 = 0.7235 pounds) (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Adrian Croft)