MILAN Aug 9 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