March 9, 2018 / 12:23 PM / 2 months ago

BRIEF-Dana Says James Kamsickas To Be CEO Of New Co Effective Deal Close With GKN

March 9 (Reuters) - Dana Inc:

* DANA - UNDER TERMS OF AGREEMENTS, DANA SHAREHOLDERS WILL OWN ABOUT 52.75 PERCENT OF COMPANY WITH GKN SHAREHOLDERS OWNING 47.25 PERCENT

* DANA INC - FROM DEAL‍​, EXPECTS TO DELIVER ANNUAL RUN-RATE COST SYNERGIES OF $235 MILLION WITHIN THREE YEARS​

* DANA - EFFECTIVE DEAL CLOSE, KEITH WANDELL WILL SERVE AS NON-EXECUTIVE CHAIRMAN OF NEW COMPANY

* DANA - PUT IN PLACE COMMITTED DEBT FINANCING TO FUND CASH CONSIDERATION,WILL ISSUE 133 MILLION DANA PLC SHARES TO GKN SHAREHOLDERS TO CONSUMMATE DEAL‍​

* DANA - JAMES KAMSICKAS TO BE PRESIDENT, CEO & DIRECTOR OF NEW CO EFFECTIVE DEAL CLOSE

* DANA - IN ADDITION TO DANA REPRESENTATIVES, BOARD OF COMBINED CO TO INCLUDE TWO REPRESENTATIVES TO BE DESIGNATED BY GKN‍​

* DANA - DEAL IS ALSO COMPOSED OF ASSUMPTION OF ABOUT $1.0 BILLION OF NET PENSION LIABILITIES & 133 MILLION NEW DANA PLC SHARES ISSUED TO GKN’S SHAREHOLDERS Source text for Eikon: Further company coverage:

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