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Done Deal
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Business New Haven
8/10/98
By: Kristine Hansen
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On July 2 Dana Corp. announced completion of its merger of Echlin Inc. into one of Dana's subsidiaries, a deal worth $3.9 billion. Dana plans to issue to Echlin shareholders $3.3 billion of Dana stock as it assumes $630 million of Echlin debt. For each share of Echlin stock held by its shareholders, Dana will issue 0.9293 shares of common stock of Dana Corp. Echlin has been located in Branford and is a manufacturer of automotive parts.
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