New unit to trade in New York and on Milan stock exchange
Fiat's industrial tractor division announced Thursday its plans to merge with a second unit controlled by Fiat, and roll both into another merger with a Dutch unit.
Fiat Industrial SpA will be merged with its CNH Global N.V. (CNH) unit, and later with a Dutch unit, the company said. A date will be set for shareholders to vote on the merger plan. The terms and conditions of the proposal are in line with a plan signed last November, the company added.
The main objective of the merger is to simplify the corporate structure and better integrate the business of Fiat Industrial, the company said. Shares in the new unit will trade in New York, with a secondary listing on the Milan Stock Exchange.
Source: Gazzetta del Sud On Line