Fiat Industrial says it is close to merger with CNH Global

Fiat Industrial said it is targeting a definitive merger agreement with CNH Global within the next few days after receiving a positive response to its best and final proposals from CNH’s Special Committee. Sergio Marchionne, Fiat Industrial’s chairman, said: “We are pleased with the Special Committee’s determination that it views favourably Fiat Industrial’s improved best and final terms for the proposed merger. Work remains to be done, however, over the next few days to finalise the required definitive doc
November 22, 2012 Read time: 2 mins
6892 Fiat Industrial said it is targeting a definitive merger agreement with CNH Global within the next few days after receiving a positive response to its best and final proposals from 1595 CNH’s Special Committee.

Sergio Marchionne, Fiat Industrial’s chairman, said: “We are pleased with the Special Committee’s determination that it views favourably Fiat Industrial’s improved best and final terms for the proposed merger. Work remains to be done, however, over the next few days to finalise the required definitive documentation and over the next few months to implement the transaction and present it to shareholders for final approval.

“After working with the Special Committee for many months, it is gratifying for both companies to take this step, which should enable CNH to put in place plans to pay the extraordinary dividend to CNH minority shareholders by the end of this year, and will ultimately afford them the opportunity to participate in the growth prospects of the third largest capital goods provider in the world.”

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