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US/Italy: Industrial merger shakes up capital goods, farming machinery markets

By  |  July 23, 2013
US/Italy: Industrial merger shakes up capital goods, farming machinery markets

Shareholders Tuesday approved of a proposed merger between US-based agricultural machinery manufacturer CNH Global with Italy-based manufacturer Fiat Industrial in a deal making the combined business the third-largest capital goods maker and the second-largest farming machinery market in the world, according to a press release. Shareholders cleared the way for CNH to combine with FI CBM Holdings, a vehicle created by Fiat to facilitate the transaction. Fiat shareholders approved of the merger earlier this month. The new company will be dubbed CNH Industrial and focus on engines, trucks and agricultural machinery. Fiscal operations will be based in the UK and the company will be incorporated in the Netherlands, said the press release.

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