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AAM-Dowlais: Short-Dated Arb with Double-Digit Annualised Return

AAM-Dowlais: EU Cleared, 7/10 Approvals — Spread ~3.4%, Close Now Guided to Q1’26

Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>In 2024, Dowlais Group exited its loss-making Hydrogen business and announced a strategic review of Powder Metallurgy. The group has now announced an agreed offer from American Axle & Manufacturing (AAM; NYSE:AXL), valuing the equity at £1.16bn or 85.2p a share (based on AAM’s price of $5.82 a share). This represents a 45% premium to the weighted average price over the last three months.</p>

In 2024, Dowlais Group exited its loss-making Hydrogen business and announced a strategic review of Powder Metallurgy. The group has now announced an agreed offer from American Axle & Manufacturing (AAM; NYSE:AXL), valuing the equity at £1.16bn or 85.2p a share (based on AAM’s price of $5.82 a share). This represents a 45% premium to the weighted average price over the last three months.

Dowlais Group — American Axle & Manufacturing agreed offer