Arvin Mentor eyes rival Dana
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• Arvin Mentor, the US-based commercial vehicle parts supplier, has launched a bid to acquire industry rival Dana Corporation.
The deal is valued at $4.4bn (21.9bn) and is currently being considered by Dana. The company is expected to respond next week.
Dana shares jumped $17 after the announcement, surpassing Arvin Mentor's offer of $15a share.
If successful, the takeover would combine ArvinMerltor's exhaust, suspension and drivetrain products with Dana's chassis, frame, and drivetrain products.
It would see the merged company become one of the largest automotive parts suppliers in the world.
One other hurdle that ArvinMeritor may have to overcome is a potential anti-trust issue that may arise out of the companies' shared interests in the heavy truck axle market.
The automotive parts industry has shrunk rapidly in recent years as smaller suppliers, crippled by debt and reduced profit margins, have been forced out of business.