March 2, 2018 / 7:17 AM / 4 months ago

GKN says in talks with U.S.-based Dana over auto unit sale

LONDON, March 2 (Reuters) - British engineering company GKN said it was in talks with Dana Incorporated regarding the sale of its auto-parts Driveline unit as part of a deal which would be effected mainly in equity.

GKN, whose board opposes a cash and shares approach made by turnaround specialist Melrose, already has a plan to demerge its main aerospace and automotive businesses in mid-2019.

The company said on Friday that the potential deal with Dana could provide greater value to shareholders than the demerger plan and it would therefore continue to explore it as an option.

U.S.-based Dana makes axles, driveshafts and other parts for cars. (Reporting by Sarah Young; editing by Kate Holton)

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