Wednesday, Sep 28, 2016
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Dana reports progress in venture purchases

Executives of Dana Corp. said in a regulatory filing yesterday that Toledo's largest company has completed its purchase of additional shares of a Brazilian joint venture and expects to complete purchase of half the stock in a Chinese commercial vehicle axle business by the end of the year.

Dana owned 84 percent of Dana-Albarus SA in Brazil and bought an additional 14 percent stake through a tender offer. It plans to buy the remainder soon.

The company also has said it plans to buy 50 percent of the stock in Dongfeng Axle Co. Ltd., which is be half owned by Dongfeng Motor Co. Ltd. But it had expected to complete the transaction in the third quarter, and now anticipates all the Chinese regulatory and other conditions will be met by year's end.

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