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.
