CNH Industrial Holding Seeks Listings in New York, Milan
By Gilles Castonguay
MILAN--CNH Industrial NV's holding company has applied to list its stock in New York and Milan, the culmination of a long process to merge two companies together to form the third biggest capital-goods makers in the world.
The holding company, FI CBM Holdings NV, will itself fold into CNH Industrial once its common shares begin trading, according to a statement Wednesday.
CNH Industrial's chairman, Sergio Marchionne, recently said he expected trading to begin Sept. 30.
FI CBM was created to facilitate Fiat Industrial SpA's (FNDSF, FI.MI) acquisition of CNH Global NV (CNH).
Fiat Industrial already owned most of CNH, but it had to buy out minority shareholders holding a combined 12% stake before it could complete the merger, simplifying the structure of a company focused on engines, trucks and agricultural and construction machinery.
Although Fiat Industrial is based in Turin and CNH near Chicago, the merged company--CNH Industrial--will be incorporated in the Netherlands, and it has made a request to have its fiscal residency in the U.K.
Write to Gilles Castonguay at firstname.lastname@example.org; Twitter: @GRCastonguay
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