Turin

Fiat industrial makes last and final merger offer to CNH

Marchionne warns will move forward whether or not accepted

Fiat industrial makes last and final merger offer to CNH

Turin, November 19 - Fiat Industrial Chairman Sergio Marchionne warned on Monday that Fiat Industrial would move forward on its merger with agricultural machinery maker CNH even if its last and final merger offer is not accepted. Marchionne said Fiat Industrial "intends to go forward and take all the actions permitted" while "respecting the rights of CNH minority stakeholders" in order to give Fiat Industrial stakeholders "the benefits sought by the operation". Fiat Industrial announced its last and final merger offer to CNH on Monday after CNH's Special Committee rejected Fiat's original proposal on October 15. The new offer includes a $10 dividend per CNH share to be paid to CNH shareholders prior to the merger, as well as "an accelerated realization of a significant portion of the value of the transaction". Fiat Industrial said the special dividend represents a 25.6% improvement over the "implied value" of the original proposal made on May 30.

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