Removes reference to "takeover" in headline
** British automotive parts supplier Dowlais DWL.L up nearly 10% at 75 pence, highest level since July 26
** Stock top gainer on FTSE 250 index .FTMC
** U.S. autoparts maker American Axle and Manufacturing AXL.N will buy GKN Automotive owner Dowlais in a cash-and-stock deal, valuing the London-listed firm at about 1.16 bln pounds ($1.44 bln)
** Deal values DWL at 85.2 pence apiece, a premium of nearly 25% to the prior close
** According to a joint statement, shareholders of AXL will hold 51% of the combined entity, while DWL shareholders will own about 49%
** In 2024, DWL fell ~37%
($1 = 0.8034 pounds)
(Reporting by Radhika Anilkumar in Bengaluru;)
((Radhika.Anilkumar@thomsonreuters.com;))
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