Fiat Industrial says exercised withdrawal rigths worth 24 mln euros

MILAN Fri Aug 9, 2013 12:38pm EDT

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MILAN Aug 9 (Reuters) - Italian truck and tractor maker Fiat Industrial said on Friday that shareholders who do not want to take part in the merger with its CNH unit have exercised their withdrawal right for shares worth a total of 24 million euros.

That amount is well below the 325 million euros ($434 million) limit which Fiat Industrial had set as the maximum sum it was ready to pay out to those opposed to the merger.

The shares tendered will be offered to other existing Fiat Industrial shareholders at a price of 8.897 euros per share from Aug 12 to Sept 10.

Fiat Industrial shareholders approved the cash-and-share merger offer last month, whereby it is buying the 12 percent of CNH it does not already own and renaming the combined entity CNH Industrial, with share listings in New York and Milan.

The merger is expected to be completed during the third quarter.

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