MILAN May 21 Truck and tractor maker Fiat Industrial intends to move its tax residence to the United Kingdom from Italy after its upcoming merger with its CNH unit, according to a U.S. stock market listing filings.
The move out of high-tax Italy is likely to result in a lower tax burden for the new group.
Fiat Industrial plans to merge with CNH and then fold both companies into a new group provisinally called FI CBM Holdings N.V. with a primary listing on the New York Stock Exchange. The group filed a preliminary prospectus on May 14, and expects the merger and listing to be completed in the third quarter of 2013.
After the merger, FI CBM "intends to operate in a manner to be treated as resident in the United Kingdom for tax purposes," the prospectus said.