CNH Global N.V. last week announced its board of directors received a proposal from Fiat Industrial S.p.A. regarding a combination transaction between Fiat Industrial S.p.A. and CNH. The proposal was set forth in a letter sent by Fiat Industrial chairman Sergio Marchionne to the board of directors of CNH. Fiat Industrial S.p.A. currently owns approximately 88 percent of CNH’s shares.
CNH’s board expects to evaluate the proposal through a committee of independent directors that would retain independent financial and legal advisors to assist it. The board of directors of CNH advises the company’s shareholders and others considering trading in its securities that it has not yet evaluated the proposal and there can be no assurance that the proposal will lead to any definitive offer, that any agreement will be reached or that any transaction will be consummated.
CNH Global N.V. is a leader in the agricultural and construction equipment businesses under the Case and New Holland brands. It is a majority-owned subsidiary of Fiat Industrial S.p.A.