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08:21 , Graeme Evans

GKN Automotive business Dowlais is to be taken over in a deal worth £1.16 billion.

The board of the FTSE 250-listed business said it had agreed to back a cash-and-shares offer from Detroit-based American Axle & Manufacturing.

The proposed combination will create a automotive supplier with “significant size and scale” in global driveline and metal forming technologies.

Dowlais listed on the London market after splitting from GKN Aerospace owner Melrose Industries in April 2023. It employs about 30,000 staff in the Americas, Europe and Asia.

The GKN story began with the founding of the Dowlais Ironworks Co near Merthyr Tydfil in South Wales in September 1759.