Dana Corporation, the US motor parts company, has denied it is considering a bid for components company T&N.
Speculation nevertheless remained in the City earlier this week. `Rumours are rife but I have no confirmation of a bid,’ said Phil Roulet, vice-president, finance, at Dana’s European headquarters in Switzerland.
The US group specialises in designing and making axles and suspensions, and also has a driveshaft division. The company has two factories in Birmingham and Leeds which make axles. Its other UK operation is in driveshafts where it has assembly, machining and R&D facilities across the UK.
T&N has kept quiet on bid speculation which has intensified following the capping of its asbestos liability earlier this year with an innovative insurance deal. This finally freed the group from the legacy of its former asbestos activities.