Dowlais Merger with AAM Nears Following EU Antitrust Clearance

Dowlais Group PLC (LON: DWL) and American Axle & Manufacturing Holdings, Inc. (NYSE: AXL) have announced a significant step forward in their proposed combination, securing unconditional clearance from the European Commission.

The approval, granted on October 1, 2025, satisfies the EU Antitrust Condition and brings the merger closer to fruition.

The Dowlais-AAM combination has now received antitrust clearances in seven of the ten required jurisdictions, including the USA, India, UK, Korea, Taiwan, Turkey, and the EU. Remaining clearances are pending in Brazil, Mexico, and China.

Progress is being made in Brazil, with clearance expected in early November 2025, following a favorable opinion from the Conselho Administrativo de Defesa Econômica. Mexican clearance is anticipated in the fourth quarter of 2025.

The most closely watched regulatory hurdle remains China. Both parties are actively engaging with the State Administration for Market Regulation (SAMR) and remain confident in obtaining antitrust clearance. Clearance from SAMR is projected for late 2025 or early 2026.

Given the progress made to date, the companies now anticipate the combination will close in the first quarter of 2026. This revised timeline also affects the expected publication of the AAM Prospectus for admission of AAM Shares to trading on the London Stock Exchange, which is now also slated for the first quarter of 2026.

Management Changes Emerge

In a related development, Roberto Fioroni, Chief Financial Officer of Dowlais, has decided to pursue other opportunities and will not be joining the senior executive management team of the Combined Group, as previously intended. Markus Bannert, Chief Executive Officer of GKN Automotive, and Jean-Marc Durbuis, Chief Executive Officer of GKN Powder Metallurgy, are still expected to join AAM executives in the Combined Group's leadership.