Fiat Industrial pleased with CNH bid acceptance

MILAN Thu Nov 22, 2012 2:36am EST

MILAN Nov 22 (Reuters) - Fiat Industrial said on Thursday it was pleased that its tractor unit CNH accepted its minority buyout offer, which will be finalised in the next several days.

Fiat Industrial won approval for a friendly paper-and-cash offer worth about $1.49 billion for 12 percent of CNH, creating the third-largest U.S. farm and building equipment maker after Caterpillar and John Deere. The sweetened offer included a $10-per-share dividend, for a cash outlay of about $300 million.

Sergio Marchionne, Fiat Industrial's chairman, said in a statement he is pleased about the offer's acceptance.

This step "should enable CNH to put in place plans to pay the extraordinary dividend to CNH minority shareholders by the end of this year," Marchionne said in a statement.

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