CNH Global N.V. and Fiat Industrial last week announced both companies will convene with their shareholders in respective extraordinary general meetings to vote on the merger of CNH Global N.V. and FI CBM Holdings N.V., a wholly owned subsidiary of Fiat Industrial S.p.A. In addition, CNH Global announced that the name of the Fiat Industrial subsidiary, FI CBM Holdings N.V., into which Fiat Industrial and CNH are proposed to be merged, will be changed to CNH Industrial N.V.
Fiat Industrial, which owns approximately 87 percent of CNH’s outstanding shares, has committed to vote in favor of the proposed merger. If approved, as expected, by the two extraordinary shareholders meetings, and subject to the other conditions provided for in the merger agreement, the proposals will cause the merger of both CNH and Fiat Industrial with NewCo. In the merger, CNH shareholders will receive 3.828 NewCo common shares for each CNH common share and Fiat Industrial shareholders will receive one NewCo common share for each Fiat Industrial ordinary share.
The NewCo common shares are expected to be listed on the New York Stock Exchange and, shortly after the closing of the merger, on the Mercato Telematico Azionario managed by Borsa Italiana.
The merger plan adopted by the CNH board, as well as other merger-related documents, are available at CNH’s registered office and on the CNH website, www.cnh.com.
The merger is expected to close during the third quarter of 2013.
CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by more than 11,500 dealers in 170 countries, CNH comprises the Case and New Holland brand families.
