On 26 November 2012, CNH Global N.V. and Fiat Industrial S.p.A. announced their contemplated merger into a new Dutch top holding. Fiat Industrial currently owns 88 % of CNH and the merger will create the world's third-largest capital goods group by sales. The deal is especially noteworthy for involving the first introduction of loyalty voting shares in the Netherlands. Existing shareholders and new shareholders that hold their shares continuously for at least three years become entitled to double-vote shares. Other noteworthy features include a European cross-border legal merger into a new Dutch top holding (Fiat Industrial effectively leaving Italy through this transaction), a new listing of the combined new entity on the NYSE in New York with a secondary listing in Milan, and intricate tax planning.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
