Not only will it no longer have the Fiat name, but the new company that will arise from the merger between Fiat Industrial and CNH will not be listed in Milan. So Piazza Affari is also starting to lose Fiat Industrial from the list.
The operation (proposed to the Board of CNH), as announced this morning, in fact provides for the merger of both companies into a new holding company incorporated under Dutch law which will be listed in New York and which will have a secondary listing in Europe. But this can't be Milan because "the jurisdiction of the company will be Dutch and therefore it no longer has any connection with an Italian market", CEO Sergio Marchionne explained today in a conference call. And everything, in the style of Marchionne, is destined to take place in full swing: "It would be wise to conclude the operation within seven months," Marchionne said in the conference call, adding that legal advisors and investment banks have indicated a target for completion of the Fiat Industrial integration project with CNH Global at the end of 2012.
And one immediately thinks of Fiat. Which, after the conquest of Chrysler, could follow the same fate. Marchionne brakes: “It would be possible, but this is not the time to replicate with Fiat and Chrysler what we want to do with Industrial and CNH. Don't start with guesswork – said the CEO – We have many things to implement in the short term. We must exercise the options provided on Chrysler”.
On the Stock Exchange, Fiat Industrial shares lost 0,82%, eliminating the gains of the session while Fiat lost 5,51%.
“The market valuation of Fiat Industrial is equal, at yesterday's prices, to 9,6 billion euros and that of CNH to 8 billion. It is an anomalous situation”, commented Marchionne in a conference call who also wanted to reassure that “There will be no effects on our operating activities, much less on our people. For those of you who work in the factory as for those who work in the office, nothing will change, except for the fact that new and interesting prospects open up ahead".
