** Shares of auto components provider Dana DAN.N fall nearly 3% to $34.55 premarket

** Dana says it will combine with Eaton's Mobility business in a deal valuing the unit at about $5.1 billion

** Eaton Corp ETN.N up almost 3% at $385

** The move comes as Dana looks to capitalize on strong demand for vehicle components amid shifts in the global auto industry

** Under the deal, Eaton shareholders will own at least 50.1% and Dana shareholders about 49.9% of the combined company at close

** The deal is expected to close in the first quarter of 2027 and the combined company will continue to operate under the Dana Incorporated name

** As of last close, DAN was up 49.3% and ETN rose 17.9% YTD