Daf shares handout
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• Leyland Dais 6,800 workers will each receive 12 shares, worth around 2158, when its parent Daf is floated on the London and Amsterdam stock market this month.
As all Daf BV employees will receive the free shares, more than 16,400 workers will benefit, with the total handout worth nearly £2.6m.
Last week the Dutch commercial vehicle manufacturer, which is 40% owned by British Aerospace through its Rover subsidiary, announced its share price of FL 147 (213.17).
With the falling pound, British Aerospace's stake will be valued a fraction above the 2150 million that BAe paid for the entire Rover Group last year, which included Leyland.
Under the flotation plans, Daf shareholders will sell off 63% of their holdings, amounting to around £236 million. BAe will raise about 290 million by selling 24% of Daf, which will reduce its stake to 16%, but still leave it as Dal's largest shareholder.
Subscriptions for the Daf shares will close today (1 June) with official trading starting on 5 June. Daf is one of the top five European truck manufacturers with 9.4% of the EC market over 3.5 tonnes GVW.