The special committee of the board of directors of CNH has given the go-ahead for the merger with Fiat Industrial. This was announced by the Italian company, explaining that the integration will take place under the conditions indicated last Monday and that the definitive agreement will be signed in the next few days.
"We are satisfied with the decision with which the special committee favorably judged the definitive and improved offer on the terms and conditions of the proposed merger - commented the CEO, Sergio Marchionne -. However, work remains to be completed both in the coming days to finalize the contractual documentation, and in the coming months to implement the transaction and submit it for shareholder approval.
On Monday, Fiat Industrial had presented an improved offer, after the previous one had been rejected, to achieve the merger of the Italian share with the US subsidiary. Proposal Improves Implied Value of Initial Offering by Approximately 25% and Provides Extraordinary Dividend of $10 per Share for CNH Minority Shareholders.
The transaction "should allow CNH to start the procedures for paying the extraordinary dividend to minority shareholders by the end of this year - continued Marchionne - and, ultimately, will allow them the opportunity to participate in the growth prospects of the world's third largest producer of capital goods".
About an hour after the opening, the Fiat Industrial share gained 1,3% in Piazza Affari.
