February 21, 2013 / 1:35 PM / in 5 years

Fiat Industrial board approves merger with CNH unit

MILAN, Feb 21 (Reuters) - Italian tractor and truck maker Fiat Industrial said on Thursday its board had approved final terms of a planned merger with its 88 percent-owned CNH unit.

The two groups will be merged into an as yet unnamed new Netherlands-based company, which will be the world’s third-largest capital goods maker by sales, Fiat Industrial said on Thursday.

The merger will be through a share swap carried out after shareholder approval.

The new company will be listed in New York, and will have a secondary listing in Milan where shares will begin trading after the U.S. market debut, Fiat Industrial said on Thursday.

The date for an upcoming Fiat Industrial shareholders meeting to approve the merger will be “disclosed pursuant to applicable law and regulation,” the company said.

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