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RSSCNH Won't Continue Bid for Kverneland
DETROIT, January 9, 2012 (Dow Jones) — CNH Global NV's (CNH) chairman Monday said the U.S. tractor and combine maker won't make a new bid for Norway's Kverneland ASA (KVE.OS) after Japan's Kubota Corp. (KUB, 6326.TO) offered more money for it.
"Those discussions are pretty much done," Sergio Marchionne said on the sidelines of the North American International Auto Show.
Kverneland, a maker of agricultural machinery, had looked set to become the target of a bidding war late last year when Kobuta offered NOK10.50 a share for it, challenging CNH's NOK9.5 bid.
Kverneland's board recommended that shareholders accept Kubota's offer, which was launched on Jan. 6 and runs until Jan. 20.
Kubota's offer has been accepted by Kverneland's controlling shareholder, Umoe AS, giving the Japanese company a 31.8% stake.
Based in the U.S., CNH's parent is Fiat Industrial SpA (FI.MI) of Italy.
-By Jeff Bennett and Gilles Castonguay, Dow Jones Newswires; +39 02 5821-9908; gilles.castonguay@dowjones.com
Story Link: http://online.wsj.com/article/BT-CO-20120109-708573.html
