The board of directors at CNH Global N.V. (NYSE: CNH), maker of Case and New Holland equipment brands, received a proposal from Fiat Industrial S.p.A. to combine the two companies. The proposal was set forth in a letter from Sergio Marchionne, Chairman of Fiat Industrial. Fiat Industrial currently owns approximately 88% of CNH's shares.
The CNH board expects to evaluate the proposal through a committee of independent directors which would retain independent financial and legal advisors to assist it. At this time, no action by the company's shareholders is required. Further announcements will be made by the company when and as appropriate.