Italian truck and tractor maker Fiat Industrial (FI.MI) denied it had hired banks to sell the company, prompting its shares to erase gains. La Repubblica newspaper reported that Fiat Industrial Chairman Sergio Marchionne was looking for a buyer to help Italian car maker Fiat (FIA.MI) fund development of U.S. auto group Chrysler. "In relation to an article published in a daily newspaper earlier today, asserting that the chairman of Fiat Industrial has mandated a group of banks to arrange the sale of the company, Fiat Industrial communicates that this statement is without foundation," the company said. Fiat Industrial trades separately from sister company Fiat. Its assets include agricultural equipment maker CNH Global (CNH.N) and truck maker Iveco.
CNH Global N.V. (CNH) is a global, full-line company in both the agricultural and construction equipment industries. Shares of CNH fell by 3.14% or $-1.45/share to $44.79. In the past year, the shares have traded as low as $21.58 and as high as $54.45. On average, 388403 shares of CNH exchange hands on a given day and today's volume is recorded at 112075.
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