American Axle, Dowlais combination cleared by European Commission

American Axle (AXL) & Manufacturing Holdings and Dowlais are pleased to announce that the European Commission has unconditionally cleared the combination. The European Commission’s clearance decision was issued on October 1, meaning that the EU Antitrust Condition has been satisfied. The Combination has now been cleared (including by way of the expiration of applicable waiting periods and/or confirmation of no further questions), and the related conditions to the Combination satisfied, under antitrust laws in seven of the ten required jurisdictions where antitrust filings were made, namely the USA, India, UK, Korea, Taiwan, Turkey and, now, the EU. The clearances that remain outstanding under antitrust laws are Brazil, Mexico and China. Clearance in Brazil is expected in early November 2025, following a favourable opinion issued by the General Superintendent of the Conselho Administrativo de Defesa Economica on October 17, 2025, and publication on October 21. Clearance in Mexico is also expected in the fourth quarter of 2025. In China, the parties are actively engaging with the State Administration for Market Regulation with respect to its review of the Combination and remain highly confident of obtaining antitrust clearance for the Combination from SAMR, with clearance expected in late 2025 or early 2026. Based on the progress to date, it’s expected that the combination will close in the first quarter of 2026. Additionally, in the Scheme Document, AAM stated its intention to invite Roberto Fioroni (Chief Financial Officer, Dowlais), Markus Bannert (Chief Executive Officer, GKN Automotive), and Jean-Marc Durbuis (Chief Executive Officer, GKN Powder Metallurgy) to join existing AAM executives as part of the senior executive management team of the Combined Group, in roles to be confirmed. Following discussions with Fioroni, he has indicated that he wishes to pursue other opportunities.