Turin

Fiat Industrial-CNH merger effective in the summer

Group 'finally free to create own destiny', says Marchionne

Fiat Industrial-CNH merger effective in the summer

Turin, April 8 - The merger of Fiat Industrial, the holding company of the non-automotive assets of Fiat SpA, with its CNH Global NV (CNH) unit, could be concluded this summer, Chairman Sergio Marchionne told shareholders on Monday. "The merge operation will be subject to the necessary extraordinary assemblies and it will probably become effective in the third quarter of this year," said Marchionne. "The move will bring to a close a long process of simplification launched over two years ago." US agricultural and construction equipment manufacturer CNH is a subsidiary of Fiat Industrial, in which the latter currently has around an 88% stake. "With the merger Fiat Industrial and CNH will become a totally integrated, multinational group that is able to compete in the capital goods sector at the highest level," said Marchionne. "It will be one of the biggest and strongest groups in the sector, present in markets throughout the world and finally free to create its own destiny," the chairman concluded. Shares in the new unit will trade in New York, with a possible secondary listing on the Milan Stock Exchange.

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