CNH Global N.V. announced today that its Board of Directors has received a proposal from Fiat Industrial S.p.A. regarding a combination transaction between Fiat Industrial S.p.A. and CNH. The proposal was set forth in a letter sent today by Sergio Marchionne, Chairman of Fiat Industrial S.p.A., to the Board of Directors of CNH. Fiat Industrial S.p.A. currently owns approximately 88% of CNH’s shares. The letter is available at: http://www.cnh.com/Investor/FIProposalMay2012.pdf.
The Board of Directors of CNH expects to evaluate the proposal through a committee of independent directors which would retain independent financial and legal advisors to assist it. The Board of Directors of CNH advises the company’s shareholders and others considering trading in its securities that it has not yet evaluated the proposal and there can be no assurance that the proposal will lead to any definitive offer, that any agreement will be reached or that any transaction will be consummated.
At this time, no action by the company’s shareholders is required. Further announcements will be made by the company when and as appropriate.
CNH Global N.V. is a world leader in the agricultural and construction equipment businesses. Supported by approximately 11,300 dealers in around 170 countries, CNH brings together the knowledge and heritage of its Case and New Holland brand families with the strength and resources of its worldwide commercial, industrial, product support and finance organizations. CNH Global N.V., whose stock is listed on the New York Stock Exchange (NYSE:CNH), is a majority-owned subsidiary of Fiat Industrial S.p.A. (FI.MI). More information about CNH and its Case and New Holland products can be found online at www.cnh.com.