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LONDON - Dowlais Group plc (LON:DWL) shareholders have approved the recommended cash and share combination with American Axle & Manufacturing Holdings, Inc. (NYSE:AXL) at meetings held Tuesday.
At the Court Meeting, 94.66% of voting scheme shareholders supported the transaction, representing 61.05% of eligible scheme shares. The General Meeting saw 94.60% of votes cast in favor of the special resolution to implement the scheme.
The combination will create a global automotive supplier with approximately $12 billion in annual revenue and a workforce of around 50,000 people across more than 145 manufacturing facilities. The combined entity is expected to be listed on both the London and New York stock exchanges.
"This brings us one step closer to completion of a combination which will significantly increase our scale, creating a global automotive leader," said Liam Butterworth, CEO at Dowlais Group, in a statement from the press release.
The transaction remains subject to court sanction and other closing conditions outlined in the scheme document. Following completion, Dowlais shares will cease trading on the London Stock Exchange (LON:LSEG)’s Main Market and be delisted from the Official List.
According to the announcement, American Axle & Manufacturing directors expect to achieve approximately $300 million in annual run-rate cost synergies by the end of the third full year following completion.
Dowlais is scheduled to announce its interim results for the period ending June 30, 2025, on August 7, 2025.
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