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Dana plans secondary listing in London for combined entity with GKN

Dana Inc. said March 19 that it will explore a secondary standard listing on the London Stock Exchange for the company to be formed by its proposed purchase of U.K. engineering business GKN PLC's driveline division.

Earlier in March, GKN agreed to merge the division with Dana and establish a new NYSE-listed entity, Dana PLC, which will specialize in driveline systems.

Dana executive vice president and CFO Jonathan Collins said in a statement: "The clear message from shareholders is that they want to be able to hold stock in a combined Dana PLC," adding that it will deliver $235 million in annual synergies.

In addition, Ohio-based auto-parts maker Dana said it expects to pay its current quarterly dividend of 10 cents per share to the enlarged group of shareholders.