Dana Incorporated’s Agreement with Icahn Capital

Paul, Weiss, Rifkind, Wharton & Garrison advised Dana Incorporated on the matter.

Dana Incorporated, a global leader in power conveyance and energy management solutions for vehicles and machinery, finalized the activist campaign by and settlement agreement with Icahn Capital.

Under the terms of the settlement agreement, Dana appointed two Icahn portfolio managers to Dana’s board of directors, Brett Icahn and Gary Hu, who will stand for election at Dana’s 2022 annual shareholder meeting.

Mr. Hu is a Portfolio Manager for Icahn Capital LP, a subsidiary of Icahn Enterprises L.P., a diversified holding company engaged in a variety of businesses.  Prior to joining Icahn Capital LP, he held investment management roles at Silver Point Capital LP, a credit-focused investment firm, and Stockbridge Investors, the public securities affiliate of Berkshire Partners LLC. 

Mr. Icahn is a Portfolio Manager for Icahn Capital LP, a subsidiary of Icahn Enterprises L.P., a diversified holding company engaged in a variety of businesses. Mr. Icahn has held a variety of investment advisory roles at Icahn Enterprises L.P. since 2002 and has served on its board since October 2020.  

Dana is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions that power vehicles and machines in all mobility markets across the globe. The company is shaping sustainable progress through its conventional and clean-energy solutions that support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.

The Paul, Weiss team included corporate partners Kyle Seifried (Picture) and Scott Barshay and counsel David Sobel; litigation partner Andrew Finch; and antitrust counsel Marta Kelly.

Involved fees earner: Scott Barshay – Paul Weiss Rifkind Wharton & Garrison; Andrew Finch – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Kyle Seifried – Paul Weiss Rifkind Wharton & Garrison; David Sobel – Paul Weiss Rifkind Wharton & Garrison;

Law Firms: Paul Weiss Rifkind Wharton & Garrison;

Clients: Dana Inc.;