The Agnelli Family focus on precision farming
Cnh, controlled by Exor, launches a 2.1 billion takeover bid on the American Raven
Cnh Industrial, the giant of earthmoving and agricultural machinery, controlled by the Exor of the Agnelli family, has launched an amicable takeover bid on the American Raven Industries with a substantial premium of 33.6% on share values. The agreement includes the acquisition of 100% of the shares of the leader in precision agriculture technologies based in the United States and listed on the Nasdaq, for 58 dollars per share, equal to 2.1 billion dollars of enterprise value. The company will finance the purchase with the liquidity currently available. The closing of the transaction is expected in the last quarter of this year and is subject to the approval of the competent authorities.
"The acquisition builds on a long-lasting partnership between the two companies and will further enhance Cnh Industrial's position in the global agricultural market, adding robust innovation capabilities in precision farming and autonomous farming technologies," explained the company society.
Headquartered in Sioux Falls, South Dakota, Raven is organized into three divisions: Applied Technology (precision agriculture), Engineered Films (high-performance specialty films) and Aerostar (aerospace), with consolidated revenues of 348 , 4 million dollars.
"Precision and autonomous agriculture are key elements in our strategy to support our agricultural customers in achieving ever greater productivity and unlocking the true potential of their businesses", said CNH CEO Scott Wine .
"Raven has been a pioneer in precision farming for decades, and her deep product knowledge, customer-driven software expertise and engineering acumen provide a significant boost to our capabilities. This acquisition underscores our commitment to empowering our Precision Farming portfolio and is in line with our digital transformation strategy. The union between Raven's technologies - concludes Scott - and the robust product range, existing and future, of Cnh Industrial will offer our customers the most modern innovations in connected technologies, enabling them to be more productive and efficient".
EFA News - European Food Agency