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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) October 28, 1999
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CASE CREDIT CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
33-80775-01 76-0394710
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(Commission File Number) (I.R.S. Employer Identification No.)
233 Lake Avenue, Racine, Wisconsin 53403
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(Address of Principal Executive Offices) (Zip Code)
(414) 636-6011
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On October 28, 1999, Case Corporation announced that the European
Commission had approved the Case-New Holland merger. This announcement is filed
as an exhibit hereto and is hereby incorporated by reference. The financial
services business of Case Corporation is provided through Case Capital
Corporation, including its wholly owned subsidiary Case Credit Corporation and
their subsidiaries and joint ventures (collectively, "Case Capital").
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit
No. Document Description
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99 Press Release of Case Corporation dated October 28, 1999.
Form 8-K page 2
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CASE CREDIT CORPORATION
Dated: October 29, 1999 By: /s/ Kevin J. Hallagan
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Kevin J. Hallagan
Vice President and Secretary
Form 8-K page 3
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INDEX TO EXHIBITS
Exhibit
No. Document Description
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99 Press release dated October 28, 1999 of Case Corporation.
Form 8-K page 4
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[Case Corporation Letterhead] Exhibit 99
For more information, contact:
William B. Masterson (414) 636-5793
For Immediate Release
STATEMENT:
New Holland - Case Proposed Merger Approved
by European Commission
October 28, 1999
"The announcement today by the European Commission is a major step toward
completion of the merger between Case and New Holland. The competitive concerns
expressed by the European Commission have been addressed by our proposed
remedies without compromising the tremendous potential this merger holds for our
customers. On a pro forma basis, the impact of the proposed remedies on combined
1998 revenue would have been approximately 3%.
"We will continue to provide Case and New Holland customers around the world
with products and services that maximize their productivity. By our business
approach, we will preserve customer choice through the retention of the brands
and corresponding distribution networks of both organizations.
"We are excited about the prospects for the merger. Our product lines,
geographic sales distribution and business mix are complementary on a global
basis. Together, the two companies will create a new organization that has
numerous opportunities in markets around the world."
-- Joint Statement by Jean-Pierre Rosso, Chairman and CEO of Case
Corporation (NYSE:CSE), and Umberto Quadrino, Chairman and CEO of New
Holland N.V. (NYSE:NH)
Notes:
In approving the merger, the European Commission identified certain concerns
related to the parties combined position in certain product lines and markets.
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The parties have addressed these concerns and have committed to a number of
actions including four divestments:
. Divestiture of the Case CX and MXc product lines and the
Doncaster, United Kingdom, plant in which they are assembled.
. Divestiture of the New Holland Laverda combine harvester
product line (excluding hillside models) and the Breganze,
Italy, facility in which they are made.
. Divestiture of the Case large square balers assembled in
Neustadt, Germany.
. Divestiture of the Case Fermec brand backhoe loader and
industrial tractor product lines and the Fermec manufacturing
plant in Manchester, United Kingdom.
In addition, to address specific market issues in Austria, the parties have
agreed to license or build the Steyr model M-948 and M-958 (and equivalent Case
IH models) for sale by a third party.
Discussions between the companies and the U.S. Department of Justice are
ongoing, and approval is required in order to complete the transaction.
Case Corporation is a leading worldwide designer, manufacturer and distributor
of agricultural and construction equipment, and offers a broad array of
financial products and services. Headquartered in Racine, Wisconsin, Case had
1998 revenues of $6.1 billion and sells its products in 150 countries through a
network of approximately 4,900 independent dealers.
New Holland is a world leader in the design and manufacture of a full line of
agricultural and construction equipment, and offers a rapidly expanding line of
financial services in many of its markets. The Company and its joint venture
partners operate in 160 countries through a network of approximately 6,100
dealers and distributors.
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