Latest news with #DowlaisGroup
Daily Mail
07-08-2025
- Automotive
- Daily Mail
Car parts maker faces £29M cash burn from tariffs ahead of US takeover
GKN Automotive owner Dowlais Group revealed a cash burn of £29million for the first half of the year on Thursday after the US imposed hefty tariffs on car part imports earlier this year. It comes as Dowlais, which makes driveline systems and other automotive parts, prepares to be acquired by US auto parts giant American Axle & Manufacturing in a £1.2billion deal announced in January. Dowlais posted an adjusted free cash outflow of £29million for the six months to 30 June, compared with a £10million inflow last year, after US President Donald Trump imposed a 25 per cent levy on imports of everything from engines, to body parts and fasteners. It said the cash flow result on was 'primarily driven by the impact of restructuring outflows' and the timing of dividend receipts from its Chinese joint venture. US tariffs on the automotive sector have forced a number to revise forecasts, shift production plans, and temporarily shut down plants. Dowlais told investors in May its annual profits would likely come in at the lower end of previous guidance, citing increased economic uncertainty stemming from recent US tariffs. It said at the time it plans to offset additional costs by passing them on to customers, with cost recovery expected to mainly happen in the second half of the year. On Thursday the group posted a 1.6 per cent decline in adjusted revenues to £2.46billion, but adjusted operating profits increased by 11 per cent. 'Lower volumes and tariffs, which were lower than initially anticipated, was more than offset by the benefits of global footprint restructuring initiatives and other ongoing performance improvement actions,' Dowlais said. Boss Liam Butterworth added: 'We delivered a solid first-half performance, with continued margin expansion despite ongoing macroeconomic uncertainty and market volatility. 'Our ability to grow profitability despite lower volumes and tariff-related impacts highlights the resilience of our operating model and the strong execution of our restructuring and performance initiatives.' Dowlais shares opened 0.4 per cent higher at 70.9p. American Axle & Manufacturing takeover Dowlais also told investors on Thursday it had so-far received nine regulatory approvals or clearances for its takeover by American Axle & Manufacturing, and will ;actively engage with regulatory authorities to obtain all remaining approvals'. Following its approval at a recent shareholder meeting, the combination is expected to take effect in the final quarter of 2025. American Axle & Manufacturing agreed to acquire the car parts producer in a $1.4billion (£1.2billion) deal announced in January, just two years after Melrose Industries spun Dowlais out of its GKN Automotive division. American Axle said at the time it would seek to cancel the trading of Dowlais shares in London and list the enlarged firm on the New York Stock Exchange. However, the Michigan-based business now wants a secondary listing of its shares in the UK capital as part of the acquisition. It said this would 'ensure a greater range of both existing and prospective shareholders are able to access the future value creation opportunity of the combination'. American Axle's pursuit of Dowlais follows choppy electric vehicle demand and increasing competition from Chinese automakers, which benefit from generous public subsidies and large domestic demand. Following the deal, the merged group will have 50,000 staff members, with around 1,250 staff at risk of redundancy.
Daily Mail
07-08-2025
- Automotive
- Daily Mail
Car parts maker Dowlais faces £29m cash burn from tariffs ahead of US takeover
GKN Automotive owner Dowlais Group revealed a cash burn of £29million for the first half of the year on Thursday after the US imposed hefty tariffs on car part imports earlier this year. It comes as Dowlais, which makes driveline systems and other automotive parts, prepares to be acquired by US auto parts giant American Axle & Manufacturing in a £1.2billion deal announced in January. Dowlais posted an adjusted free cash outflow of £29million for the six months to 30 June, compared with a £10million inflow last year, after US President Donald Trump imposed a 25 per cent levy on imports of everything from engines, to body parts and fasteners. It said the cash flow result on was 'primarily driven by the impact of restructuring outflows' and the timing of dividend receipts from its Chinese joint venture. US tariffs on the automotive sector have forced a number to revise forecasts, shift production plans, and temporarily shut down plants. Dowlais told investors in May its annual profits would likely come in at the lower end of previous guidance, citing increased economic uncertainty stemming from recent US tariffs. It comes as Dowlais prepares to be acquired by US auto parts giant American Axle & Manufacturing after a £1.2billion deal announced in January. It said at the time it plans to offset additional costs by passing them on to customers, with cost recovery expected to mainly happen in the second half of the year. On Thursday the group posted a 1.6 per cent decline in adjusted revenues to £2.46billion, but adjusted operating profits increased by 11 per cent. 'Lower volumes and tariffs, which were lower than initially anticipated, was more than offset by the benefits of global footprint restructuring initiatives and other ongoing performance improvement actions,' Dowlais said. Boss Liam Butterworth added: 'We delivered a solid first-half performance, with continued margin expansion despite ongoing macroeconomic uncertainty and market volatility. 'Our ability to grow profitability despite lower volumes and tariff-related impacts highlights the resilience of our operating model and the strong execution of our restructuring and performance initiatives.' Dowlais shares opened 0.4 per cent higher at 70.9p. American Axle & Manufacturing takeover Dowlais also told investors on Thursday it had so-far received nine regulatory approvals or clearances for its takeover by American Axle & Manufacturing, and will ;actively engage with regulatory authorities to obtain all remaining approvals'. Following its approval at a recent shareholder meeting, the combination is expected to take effect in the final quarter of 2025. American Axle & Manufacturing agreed to acquire the car parts producer in a $1.4billion (£1.2billion) deal announced in January, just two years after Melrose Industries spun Dowlais out of its GKN Automotive division. American Axle said at the time it would seek to cancel the trading of Dowlais shares in London and list the enlarged firm on the New York Stock Exchange. However, the Michigan-based business now wants a secondary listing of its shares in the UK capital as part of the acquisition. It said this would 'ensure a greater range of both existing and prospective shareholders are able to access the future value creation opportunity of the combination'. American Axle's pursuit of Dowlais follows choppy electric vehicle demand and increasing competition from Chinese automakers, which benefit from generous public subsidies and large domestic demand. Following the deal, the merged group will have 50,000 staff members, with around 1,250 staff at risk of redundancy. Among the jobs threatened with the axe are duplicate head office, administrative and senior management positions, as well as research and development jobs in the US and Europe. Dowlais' London office in Victoria will also shut down, while its chief executive, Liam Butterworth, will stand down after gaining a £928,500 payment.
Yahoo
04-08-2025
- Business
- Yahoo
Man Group PLC : Form 8.3 - American Axle & Manufacturing Holdings, Inc.
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the 'Code') 1. KEY INFORMATION (a) Full name of discloser: Man Group PLC (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree American Axle & Manufacturing Holdings, Inc. (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 01/08/2025 (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state 'N/A' Offeree: Dowlais Group plc 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security: USD 0.01 common Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: 929,231 0.79 (2) Cash-settled derivatives: 2,354,108 2.00 (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 929,231 0.79 2,354,108 2.00 All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b) Rights to subscribe for new securities (including directors' and other employee options) Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages: 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant security Purchase/sale Number of securities Price per unit USD 0.01 common Purchase 13,029 4.3100 USD USD 0.01 common Purchase 22,364 4.3100 USD USD 0.01 common Purchase 8,176 4.3100 USD USD 0.01 common Sale 1,864 4.3100 USD USD 0.01 common Sale 467 4.3100 USD USD 0.01 common Sale 5,700 4.3100 USD (b) Cash-settled derivative transactions Class of relevant security Product descriptione.g. CFD Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit USD 0.01 common CFD Increasing a short position 482 4.3257 USD 0.01 common CFD Increasing a short position 3,410 4.3425 USD 0.01 common CFD Increasing a short position 330 4.3257 (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Typee.g. American, European etc. Expiry date Option money paid/ received per unit (ii) Exercise Class of relevant security Product descriptione.g. call option Exercising/ exercised against Number of securities Exercise price per unit (d) Other dealings (including subscribing for new securities) Class of relevant security Nature of dealinge.g. subscription, conversion Details Price per unit (if applicable) 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state 'none' None (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state 'none' None (c) Attachments Is a Supplemental Form 8 (Open Positions) attached? NODate of disclosure: 04/08/2025 Contact name: James Carr Telephone number: +442071447242 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. The Code can be viewed on the Panel's website at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-07-2025
- Business
- Yahoo
Man Group PLC : Form 8.3
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the 'Code') 1. KEY INFORMATION (a) Full name of discloser: Man Group PLC (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree Dowlais Group plc (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 07/07/2025 (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state 'N/A' Offeror: American Axle & Manufacturing Holdings, Inc. 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security: 1p ordinary Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: (2) Cash-settled derivatives: 21,875,952 1.66 (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 21,875,952 1.66 All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b) Rights to subscribe for new securities (including directors' and other employee options) Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages: 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant security Purchase/sale Number of securities Price per unit (b) Cash-settled derivative transactions Class of relevant security Product descriptione.g. CFD Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit 1p ordinary Equity Swap Increasing a long position 335,999 0.6798 GBP (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Typee.g. American, European etc. Expiry date Option money paid/ received per unit (ii) Exercise Class of relevant security Product descriptione.g. call option Exercising/ exercised against Number of securities Exercise price per unit (d) Other dealings (including subscribing for new securities) Class of relevant security Nature of dealinge.g. subscription, conversion Details Price per unit (if applicable) 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state 'none' None (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state 'none' None (c) Attachments Is a Supplemental Form 8 (Open Positions) attached? NODate of disclosure: 08/07/2025 Contact name: James Carr Telephone number: +442071447242 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. The Code can be viewed on the Panel's website at
Yahoo
24-06-2025
- Business
- Yahoo
Man Group PLC : Form 8.3 - AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORERule 8.3 of the Takeover Code (the 'Code') 1. KEY INFORMATION (a) Full name of discloser: Man Group PLC (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree American Axle & Manufacturing Holdings, Inc. (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure 23/06/2025 (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state 'N/A' Offeree: Dowlais Group plc 2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security. (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) Class of relevant security: USD 0.01 common Interests Short positions Number % Number % (1) Relevant securities owned and/or controlled: 831,052 0.71 (2) Cash-settled derivatives: 1,221,015 1.04 (3) Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 831,052 0.71 1,221,015 1.04 All interests and all short positions should be disclosed. Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions). (b) Rights to subscribe for new securities (including directors' and other employee options) Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages: 3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales Class of relevant security Purchase/sale Number of securities Price per unit USD 0.01 common Purchase 527 4.1000 USD USD 0.01 common Sale 5,900 4.1000 USD (b) Cash-settled derivative transactions Class of relevant security Product descriptione.g. CFD Nature of dealinge.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Typee.g. American, European etc. Expiry date Option money paid/ received per unit (ii) Exercise Class of relevant security Product descriptione.g. call option Exercising/ exercised against Number of securities Exercise price per unit (d) Other dealings (including subscribing for new securities) Class of relevant security Nature of dealinge.g. subscription, conversion Details Price per unit (if applicable) 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state 'none' None (b) Agreements, arrangements or understandings relating to options or derivatives Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:(i) the voting rights of any relevant securities under any option; or (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:If there are no such agreements, arrangements or understandings, state 'none' None (c) Attachments Is a Supplemental Form 8 (Open Positions) attached? NODate of disclosure: 24/06/2025 Contact name: Matthew Irwin Telephone number: +442071447255 Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129. The Code can be viewed on the Panel's website at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
