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Fiat Industrial Confirms Non-binding Offer For Kverneland ASA

MILAN -(Dow Jones)- Fiat Industrial SpA (FI.MI) said its tractor unit CNH Global NV (CNH) made a non-binding offer to buy 100% of Norwegian agricultural machinery maker Kverneland ASA's (KVE.OS) shares for NOK9.50 each. The offer tops the NOK8.50 per share made on Dec. 16 by Japan's Kubota Corp. (6326.TO), and values the company at $246 million. The offer was made to Kverneland's board, Fiat Industrial said. At 1300 GMT, Kverneland shares were 16.8% higher at NOK9.83. -By Jennifer Clark, Dow Jones Newswires; 39 02 58 21 9904; [email protected]

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