Fiat Industrial still not heard from CNH on merger proposal

IndustrialsReuters

Fiat Industrial said on Friday it had not yet received a response from the Special Committee of the board of CNH Global N.V. to the merger proposal it submitted on May 30.

The company said it expected to provide an update on the merger process when it announced third-quarter results later in October.

Continue Reading Below

On Wednesday sources said Fiat Industrial's plans to combine with CNH Global NV could be delayed after independent directors of the U.S. farm and construction equipment maker questioned the share swap terms of the deal.

(Reporting By Stephen Jewkes)