UPDATE 3-ArvinMeritor cuts profit outlook, shares dive

Newswire

(Adds closing share prices) By Susan Kelly CHICAGO, Sept 30 (Reuters) - Auto parts maker ArvinMeritor Inc. cut its earnings outlook on Tuesday, citing higher costs for new product launches, steel supply problems and other expenses, sending its shares tumbling 12 percent. But the parts supplier, which is waging a hostile $2.2 billion takeover battle for larger rival Dana Corp. , said it remains as dedicated to pursuing the merger as it was when it first proposed it. "We are just as ...

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