CNH Industrial shares start trading in New York, Milan on Monday
MILAN, Sept 27
MILAN, Sept 27 (Reuters) - Italian truck and tractor maker Fiat Industrial said on Friday a merger with its U.S. tractor-maker CNH will take effect by Sunday and shares of the new company CNH Industrial will begin trading in Milan and New York on Monday.
Fiat Industrial, like other big Italian companies, is looking to maximise sales overseas to make up for a weak domestic market. The merged company also aims to expand by introducing its truck brand Iveco to the United States.
CNH Industrial Chairman Sergio Marchionne is meeting with investors in the United States to coincide with the listing.
After the merger takes effect, CNH Industrial will move its corporate headquarters to the Netherlands.
The new company will drop the word "Fiat" and its centre of gravity will shift away from Italy, where Fiat was founded 114 years ago.
Marchionne, who is also CEO of CNH Industrial's sister company Fiat, has previously said the Fiat Industrial-CNH merger was one of the blueprints for a future Fiat-Chrysler marriage. Fiat owns 58.5 percent of U.S. automaker Chrysler and wants to buy the rest.
Fiat Industrial shares were 0.6 percent lower at 9.86 euros on Friday, their last day of trading.