CNH Global N.V. recently announced that its Board of Directors received a proposal from Fiat Industrial S.p.A. regarding a combination transaction between Fiat Industrial S.p.A. and CNH. CNH has formed a special committee of independent and unconflicted directors, consisting of Thomas J. Colligan, Edward A. Hiler, Rolf M. Jeker, Kenneth Lipper and Jacques Theurillat, to evaluate the proposed transaction. The special committee has engaged Cravath, Swaine & Moore LLP, De Brauw Blackstone Westbroek N.V. and Bonelli Erede Pappalardo, as its legal advisors, and J.P. Morgan and Lazard, as its financial advisors, to assist it in its work.

Approval of the transaction will require the approval of the independent and unconflicted members of the board of directors of CNH.

The special committee advises the company’s shareholders and others considering trading in its securities that the special committee is evaluating the proposal and there can be no assurance that the proposal will lead to any definitive offer, that any agreement will be reached or that any transaction will be consummated.

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