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Chinese Firm Gets into Bidding for Kverneland

December 20, 2011 — It looks as if China-based Chery Heavy Industry is going to join Kubota and CNH in an attempt to acquire Norwegian farm implement maker Kvereneland.

According to published reports, Chery will match CNH's offer of NOK9.50, or about $250 million, for Kverneland, which trumped Kubota's initial offer of NOK8.50.

Kverneland had initially accepted the Kubota offer last Friday before receiving the CNH bid on Monday. CNH said it aims to complete its due diligence by December 22 and submit a formal offer on December 23. Apparently, Chery has said it will need more time to complete its due diligence.

In all of the scurrying around, Kverneland's share price rose to NOK9.95 by the end of the day Tuesday.

Posted December 20, 2011

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