Agco Corp Says It's Willing to Buy CNH If Fiat Decides to Sell

Despite discussions, Fiat remains unclear whether it's willing to divest from the unit producing the Case and New Holland brands.

MANAVIGATOR-December 8, 2010-Agco Corp says willing to buy CNH, if Fiat decides to sell

US agricultural equipment maker Agco Corp (NYSE:AGCO) is keen on buying sector player CNH Global (BER:CNH; NYSE:CNH), part of Italian industrial group Fiat (BIT:F), Agco's CEO Martin Richenhagen told business daily MF in an interview released on Wednesday.

Richenhagen said he had met with Fiat's chief executive Sergio Marchionne a few days ago, but it was not clear whether the Italian group was willing to divest from the unit. "Marchionne still does not seem ready to sell, but he could change his mind," Richenhagen added.

CNH, which produces the Case and New Holland farm and construction equipment brands, is 89% controlled by Fiat. The company has a market capitalisation of USD10.7bn (EUR8.1bn).

Fiat declined to comment.

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