NEW YORK — Standard Motor Products has repurchased 1,378,760 shares of its common stock from Dana Corp. in a privately negotiated transaction and also prepaid at a discount an unsecured promissory note in the principal amount of $15.125 million plus accrued interest also held by Dana. The aggregate purchase price for these transactions was $26.4 million. The shares, which represent approximately 7 percent of its outstanding shares, and the promissory note were initially issued to Dana in connection with the company’s acquisition of Dana’s engine management business in 2003. The company expects the transaction to be slightly accretive to its 2006 earnings per share.
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