CNH Global accepts sweetened offer from Fiat Industrial
Thursday, 29 November 2012
Burr Ridge, IL, United States
CNH Global NV has agreed to accept a buyout offer of about USD1.48 billion from parent firm Fiat Industrial SpA after rejecting a USD1.1 billion deal six months earlier.
A special committee of independent CNH directors gave its approval for the sweetened offer, according to 26 November security filings. JP Morgan Chase & Co. and Lazard Ltd advised the committee.
Fiat Industrial of Turin, Italy owns 88% of Burr Ridge-based CNH and, through the merger, will acquire the remaining 12%.
As part of the deal, Richard Tobin, CNH chief executive officer, was appointed chief operating officer for Fiat Industrial.
Once completed in the second quarter of 2013, the merger will involve formation of a new company in the Netherlands with shares being traded on the New York Stock Exchange.
Among its equipment lines, CNH makes telescopic handlers through business unit New Holland Kobelco Construction Machinery SpA of San Mauro Torinese, Italy.