Auto Service World
News   January 2, 2003   by Auto Service World

Dana Divests Credit Division Subsidiaries

Dana Corporation has announced today that as part of its continuing plans to divest businesses and assets of Dana Credit Corporation (DCC), it has completed the sale of certain DCC subsidiaries.
The subsidiaries, whose principal assets were real estate holdings, were sold to a wholly-owned subsidiary of The Goldman Sachs Group, Inc.
Proceeds from the sale completed today were $73 million U.S., which approximated the net book value of the subsidiaries. With this transaction, the cumulative proceeds from divested DCC businesses and assets for the year approximate $325 million.
Lazard Freres & Company LLC served as adviser to Dana during the transaction.

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