Key Developments: CNH Global NV (CNH)
42.75USD
24 May 2013
$-0.56 (-1.29%)
$43.31
$43.00
$43.12
$42.59
181,089
502,937
$49.99
$34.36
Latest Key Developments (Source: Significant Developments)
CNH Global NV's CNH Capital LLC Announces Closing of $600 Million Notes
CNH Global NV announced that its wholly-owned subsidiary, CNH Capital LLC, has completed its previously announced private offering of $600 million in aggregate principal amount of 3.625% notes due 2018, issued at par. The net proceeds of this offering were approximately $594.2 million after payment of offering and other related expenses. CNH Capital LLC intends to use the net proceeds from the offering for working capital and other general corporate purposes, including, among other things, the purchase of receivables or other assets. The net proceeds may also be applied to repay CNH Capital LLC's indebtedness as it becomes due. The notes, which are senior unsecured obligations of CNH Capital LLC, will pay interest semi-annually on April 15 and October 15 of each year, beginning on October 15, 2013, and are guaranteed by CNH Capital America LLC and New Holland Credit Company, LLC, each a wholly-owned subsidiary of CNH Capital LLC. The notes will mature on April 15, 2018. Full Article
Fiat Industrial SpA Approves Cross-Border Merger Plan Reviewing Merger of CNH Global NV
Fiat Industrial SpA announced that it has approved the common cross-border merger plan relating to the merger of Fiat Netherlands Holding NV with and into Fiat Industrial as well as the common cross-border merger plan relating to the merger of Fiat Industrial with and into a NewCo incorporated under the laws of the Netherlands. The FI Merger was approved by the Board of Directors having also and reviewed the merger of CNH Global NV with and into NewCo, as a sequence of steps of the same transaction. The terms of the plans related to the FNH Merger, FI Merger and CNH Merger are fully consistent with all the terms of the Merger Agreement executed on November 25, 2012 and previously disclosed to the market. Full Article
CNH Global NV Issues FY 2013 Revenue Guidance Above Analysts' Estimates
CNH Global NV announced that for fiscal 2013, it expects revenues up 5%. The Company reported revenue of $19.139 billion in fiscal 2012. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $19.267 billion for fiscal 2013. Full Article
Fiat Industrial SpA Comments on Voting Agreement Between Exor SpA and CNH Global NV Relating to Company's Shares
Fiat Industrial SpA announced that on December 11, 2012 the voting agreement was signed between Exor SpA and CNH Global NV. The Agreement relates to the 366,927,900 Fiat Industrial shares held by Exor SpA, which represent 30.013% of the Company’s shares and voting rights. The Shares to which the Agreement relates are exclusively those held by Exor, which at the date of the Agreement represent 30.013% of the Company’s shares and voting rights. The Agreement represents an undertaking to CNH that Exor will - at any and all shareholder meetings of the Company called to approve the combination between the Company and CNH to be completed through one or more transactions, including the merger of the Company with and into a newly-incorporated Dutch company - participate and vote its shares in favor of the combination and related mergers. Full Article
Fiat Industrial SpA and CNH Global NV Announce Definitive Agreement to Merge Into Newly-Formed Company; CNH Global NV to Pay Cash Dividend Prior to Merger Completion
Fiat Industrial SpA announced that on November 26, 2012 it has entered into a definitive merger agreement with CNH Global NV to combine the businesses of Fiat Industrial and CNH. The terms provide that Fiat Industrial and CNH will each merge into a newly-formed company organized under the laws of the Netherlands (NewCo). Fiat Industrial shareholders will receive one NewCo share for each Fiat Industrial share and CNH shareholders will receive 3.828 NewCo shares for each CNH share in the merger. Pursuant to the definitive merger agreement, CNH would pay a cash dividend of USD 10 per CNH share to the CNH minority shareholders prior to completion of the merger. CNH will aim for the dividend to be paid prior to December 31, 2012 or as promptly thereafter as practicable. The cash dividend, when added to the 3.828 NewCo common shares for each CNH share, represented a 25.6% premium over the implied value of Fiat Industrial’s initial offer as of November 16, 2012, the trading day prior to the date on which Fiat Industrial’s final offer was announced. In addition, CNH minority shareholders will benefit from the dividend being paid prior to completion of the merger. The NewCo shares will be listed on the New York Stock Exchange. NewCo will aim to cause the NewCo shares to be admitted to listing on the Mercato Telematico Azionario managed by Borsa Italiana shortly following the closing of the mergers. The merger is expected to close during the second quarter of 2013. Full Article
Fiat Industrial SpA Buyout Offer Wins Over CNH Global NV Board-Reuters
Reuters reported that Fiat Industrial SpA got the green light to buy out the 12% of CNH Global NV it didn't already own after sweetening its offer to about $1.5 billion. A previous offer had not included a premium for the minority shareholders but CNH said in statement on Wednesday that a special board committee had come out in favor of Fiat Industrial's latest enhanced offer and its advisers had been directed to negotiate a deal. Full Article
CNH Global NV's CNH International Signs Distribution Agreement With DKSH for Agricultural Equipment in Vietnam
CNH International, a subsidiary of CNH Global NV announced that it has signed a distribution and service agreement with DKSH Group, one of Asia's market expansion services provider, to sell and support New Holland Agriculture equipment in Vietnam. DKSH Vietnam will provide sales, after-sales, marketing, and customer services, leveraging on the extensive infrastructure supporting its well-established and diversified business portfolio. Full Article
CNH Global NV Reaffirms FY 2012 Revenue Guidance
CNH Global NV announced that it expects revenues up 5%+ for fiscal 2012. The Company reported revenue of $18.059 billion in fiscal 2011. Full Article
CNH Global NV's CNH Capital LLC Announces Closing Of $750 Million Notes
CNH Global NV announced that its wholly owned subsidiary, CNH Capital LLC, has completed its previously announced private offering of $750 million in aggregate principal amount of 3.875% notes due 2015, issued at par. The net proceeds of this offering were approximately $742.6 million after payment of offering and other related expenses. CNH Capital LLC intends to use the net proceeds from the issuance of the notes for working capital and other general corporate purposes, including, among other things, the purchase of receivables or other assets. The net proceeds may also be applied to repay CNH Capital LLC's indebtedness as it becomes due. The notes, which are senior unsecured obligations of CNH Capital LLC, will pay interest semi-annually on May 1 and November 1 of each year, beginning on May 1, 2013, and are guaranteed by CNH Capital America LLC and New Holland Credit Company, LLC, each a wholly owned subsidiary of CNH Capital LLC. The notes will mature on November 1, 2015. Full Article
CNH Global NV's CNH Capital LLC Announces Pricing Of $750 Million Notes
CNH Global NV announced that its wholly owned subsidiary, CNH Capital LLC, has priced a private offering of $750 million in aggregate principal amount of 3.875% notes due 2015, issued at par. The offering is expected to close on October 18, 2012. CNH Capital LLC intends to use the proceeds from the offering primarily for working capital and other general corporate purposes, including, among other things, the purchase of receivables or other assets. The net proceeds from the offering may also be used to pay indebtedness of CNH Capital LLC as it becomes due. Full Article
Fiat Industrial says 500 million euro tax loss reports false
MILAN - Italy-based truck and tractor maker Fiat Industrial said reports that Italy would lose more than 500 million euros in tax receipts as a result of its moving fiscal domicile to the UK after a merger with unit CNH were absolutely false.
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