* Fiat Industrial to update 2013 targets on April 30
* No date set yet for merger EGM
* Merger with CNH seen in third quarter
TURIN, April 8 Fiat Industrial Chairman
Sergio Marchionne said on Monday it will update its 2013 targets
on April 30, and confirmed that the planned merger with U.S.
unit CNH is on track for the third quarter of this year.
Fiat Industrial plans to merge with its U.S. unit CNH to
create the world's third-largest capital goods group.
"From a strategic point of view, we believe this is a
necessary step in an outlook for growth and simplification, as
well as independence and efficiency," Marchionne said at the
annual meeting, where shareholders approved full-year accounts.
"We will update our targets when we release first quarter
results," Marchionne said.
The CEO confirmed Fiat Industrial's full year 2013 targets
of net debt at between 1.1 billion euros ($1.43 billion) and 1.4
billion euros, a 5 percent revenue growth, and a trading margin
of between 8.3 percent and 8.5 percent of sales.
CNH MERGER ON TRACK
Fiat Industrial will buy the 12 percent of CNH it does not
already own in a share swap, and will seek a stock market
listing in New York in addition to its listing in Italy.
The merger must still be approved by shareholders at an
extraordinary meeting. Marchionne on Monday did not give a date
for the meeting, which is expected to be held in May. He left
the meeting without answering journalists' questions.
The merged group will be based in the Netherlands, and is
seen by some analysts as a template for a merger between Fiat
, Fiat Industrial's sister company, and Fiat's unlisted
U.S. unit Chrysler.
Marchionne however has played down such similarities.
Fiat has said it wants to merge with Chrysler, and may seek
a U.S. listing for the new group by the end of 2014.