It should be the GKN Automotive owner taking over its US rival American Axle, not the other way around

• US rival agrees £1.2bn deal for UK car parts firm in new hit to LSE

There goes another hidden gem of the UK stock market, and the mini-tragedy in this case is that the deal ought to be structured the other way around. It should be Dowlais, the FTSE 250 company whose main business carries the grand historic UK manufacturing name of GKN Automotive, buying its US rival, Detroit-based American Axle.

Instead, the transaction is a cash-and-shares offer for Dowlais at £1.16bn, or 85p a share. The terms cannot be described as punchy when you remember that the business was demerged from FTSE 100 firm Melrose at 120p as recently as 2023.