MILAN Nov 22 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
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.