Fiat Industrial pleased with CNH bid acceptance
MILAN (Reuters) - Fiat Industrial FI.MI said on Thursday it was pleased that its tractor unit CNH CNH.N accepted its minority buyout offer, which will be finalized 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 (CAT.N) and John Deere (DE.N). 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.
(Reporting by Jennifer Clark)