CNH-FIAT ANNOUNCE NEW COMPANY NAME
Jun. 17, 2013
Source: Fiat Industrial S.p.A. and CNH Global N.V. news release
Fiat Industrial S.p.A. and CNH Global N.V. announced Friday 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. ("CNH Industrial").
If the mergers are approved by the requisite votes of the Fiat Industrial shareholders and the CNH shareholders, Fiat Industrial and CNH will each be merged into CNH Industrial. CNH Industrial's shares will 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 agreement contains customary representations and warranties and the mergers are subject to customary closing conditions, including a condition capping the exercise of withdrawal rights by Fiat Industrial shareholders and opposition rights by Fiat Industrial creditors, at EUR 325 million in the aggregate.
The mergers are also subject to approval by the shareholders of each of Fiat Industrial and CNH. Fiat Industrial, as 87% shareholder of CNH, has agreed to vote its CNH shares in favor of the merger at the CNH shareholders' meeting. The merger is expected to close during the third quarter of 2013.
About Fiat Industrial
Fiat Industrial S.p.A. is a global leader in the capital goods sector that, through its various businesses, designs, produces and sells agricultural and construction equipment (CNH Global N.V.), trucks, commercial vehicles, buses and special vehicles (Iveco S.p.A.), in addition to engines and transmissions for those vehicles and for marine applications (FPT Industrial S.p.A.). Present in all major markets worldwide, Fiat Industrial is focused on expanding its presence in high growth markets, including through new joint ventures. Further information on Fiat Industrial Group and its businesses is available on the corporate website www.fiatindustrial.com.
CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by approximately 11,500 dealers in approximately 170 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed on the New York Stock Exchange, is a majority-owned subsidiary of Fiat Industrial S.p.A. (FI.MI). Further information on CNH and its Case and New Holland products can be found on the corporate website www.cnh.com.