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Fiat Industrial, CNH reach merger accord

MILAN — The Italian heavy-duty vehicles maker Fiat Industrial SpA reached an agreement Monday for a full merger with its U.S. subsidiary, farm equipment maker CNH Global NV, creating the world's third-largest capital goods company by sales, after Caterpillar Inc. and Volvo AB.

Fiat Industrial's chairman is Sergio Marchionne, who also runs the Fiat SpA and Chrysler Group LLC car companies.

The new company, which has yet to be named, will be based in the Netherlands and listed on the New York Stock Exchange. The merger is expected to close in the second quarter of next year, the companies said.

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