insane dividends

[wzebra33]

Shareholders of tractor and construction equipment maker CNH (CNH.N) on Monday approved an extraordinary dividend as part of plans to merge with parent Fiat Industrial (FI.MI).

The two groups will be merged into an as yet unnamed new company, which will be the world's third-largest capital goods maker by sales, in which investors will receive 3.828 shares per CNH share, and one share per Fiat Industrial share. The company will have a secondary listing in Milan.

Sergio Marchionne, chairman of Fiat Industrial, said shareholders approved a dividend payout of $10 per share at a special shareholders meeting in Amsterdam.

The merger will be approved at another special shareholders meeting, the date of which has yet to be determined, the company said.