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Fiat Industrial merger to take place by Sept 1 - Elkann
May 30, 2013 / 10:08 AM / 5 years ago

Fiat Industrial merger to take place by Sept 1 - Elkann

TURIN, May 30 (Reuters) - Italian truck and tractor maker Fiat Industrial’s merger with its U.S. unit CNH will take place between July 4 and Sept. 1, the company’s controlling shareholder said on Thursday.

“The merger will take place between July 4 and Labor Day,” said Exor Chairman John Elkann at a shareholders’ meeting.

Exor holds around 30 percent of both Fiat Industrial and carmaker Fiat.

Fiat Industrial will buy the 12 percent of CNH it does not already own in a share swap and has started the filing procedure on May 14 for a New York Stock Exchange listing.

The merger is expected to be completed by the end of September at the latest.

Asked if Fiat Chief Executive Sergio Marchionne will stay on after 2015, Elkann said he would.

“Marchionne has talked about 2015 as the date he would leave the group, because a lot of the things he is working on will be completed,” Elkann said. “I have discussed this with him and am convinced that he will stay on with us for many more years.”

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