Melrose Industries PLC (LSE:MRO) announced the spin off of Dowlais Group Plc on September 8, 2022. Melrose Industries PLC intends to spin-off GKN Automotive Limited and GKN Powder Metallurgy. This will result in two independent and separately listed companies, DemergerCo (Dowlais Group Plc) and Melrose Industries PLC,. It is expected that this separation will be by way of a demerger of new ordinary shares in DemergerCo directly to Melrose shareholders. It is proposed that the separation of GKN Automotive, GKN Powder Metallurgy and GKN Hydrogen businesses from the Melrose Group will be effected by Melrose making an interim in-specie distribution of 97% of the Dowlais Shares to Qualifying Melrose Shareholders immediately prior to Admission. For every one Melrose Share held at the Demerger Record Time. Qualifying Melrose Shareholders will receive one Dowlais Share. Simon Peckham and Geoffrey Martin will be Executive Directors of DemergerCo, as well as remaining Chief Executive and Group Finance Director of Melrose. The current Chief Executive and Finance Director of GKN Automotive, Liam Butterworth and Roberto Fioroni, will take up equivalent roles for DemergerCo. Melrose Industries PLC will maintain its listing on the premium segment of the Official List, its admission to trading on the Main Market of the London Stock Exchange and its ownership of GKN Aerospace. Melrose to seek shareholder approval for the proposed Demerger in the first half of 2023. As on January 19, 2023, the shareholder approval is expected in the end of March 2023. As of March 30, 2023, shareholders approved the transaction. Demerger is expected to complete in Q2/Q3 2023. The transaction is expected to complete in the first half of next year. Record time for the Demerger Distribution is April 19, 2023. Demerger Distribution to Qualifying Melrose Shareholders is expected to become effective immediately prior to Admission on April 20, 2023. JP Morgan is acting as financial advisor to Melrose plc. Ben Spiers, Lucy Gillett, Adam Signy, Deborah Harris, Nicholas J. Shaw, Uma Sud, Sinead O'Shea, Étienne Renaudeau, Preston Miller, Mark B. Skerry, Josh Buckland and Jonathan Goldstein of Simpson Thacher & Bartlett LLP acted as a legal advisor to Melrose Industries PLC.

Melrose Industries PLC (LSE:MRO) completed the spin off of Dowlais Group Plc for £1.98 billion on April 20, 2023. The ordinary shares of Dowlais (ticker "DWL.L") have been admitted to the premium listing segment of the Official List of the Financial Conduct Authority (the "FCA") and to trading on the London Stock Exchange's main market for listed securities ("Admission") on April 20, 2023. J.P. Morgan Securities plc acted as financial advisor to Dowlais, N M Rothschild & Sons Limited and Citigroup Global Markets Limited acted as financial advisors to Dowlais and Melrose.