The truck and marine engine division of Italy's Fiat
Group will merge its activities with those of US agricultural
machinery maker Case New Holland (CNH) during the second quarter of
2013, the two companies said Monday.
The merged entity is set to become the world's third-largest seller of industrial machinery, Fiat chief Sergio Marchionne said.
The deal was announced after minority shareholders in CNH - which is already 88-per-cent owned by Fiat Industrial - accepted a revised buyout proposal that offered more generous terms than the ones first presented in May.
On the basis of the November 16 offer, minority shareholders will receive 3.828 shares in the new merged company for each CNH share they own, as well as a 10-dollar-per-share dividend, Fiat Industrial and CNH said in a joint statement.
The new company will be listed on Wall Street and possibly also in Milan, the two firms added. Fiat Industrial shares on the Italian stock exchange were down by about 1 per cent on the news.
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