36. Acquisitions and Disposals of subsidiaries and other investments


The Group made no significant acquisitions of subsidiaries in 2013 and 2012.

During 2013 the Group acquired non-controlling interests in companies in which it already held control, leading to the recognition of a total cash outflow of €14 million. In particular, the Group purchased:

  • a non-controlling interest of 35.0% in Case Construction Machinery America LLC, with a cash outflow of €4 million;
  • a non-controlling interest of 49.0% of CNH Industrial (Russia) Commercial Operations B.V. and of 50.0% in CNH Industrial (Russia) Industrial Operations B.V., for a total outflow of €10 million.

The changes in the ownership interests in subsidiaries described above did not have any significant effect on the Group’s equity attributable to the owners of the parent.

With reference to the acquisition of the non-controlling interests in former CNH Global N.V. for no consideration occurred in 2013, refer to the above section Principal Activities, paragraph Merger of Fiat Industrial S.p.A. and CNH Global N.V. with and into CNH Industrial N.V.

During 2012 the Group acquired a non-controlling interests of 3.46% in New Holland Kobelco Construction Machinery S.p.A., not leading to the recognition of cash outflows.


Consideration in 2013 and 2012 for the sales of other investments and the related net cash inflows are provided as follows: 

 Total disposal of Investments in joint ventures,
associates and other companies
(€ million)20132012
Consideration received-43
Deferred consideration-20
Total Consideration-63
Total Net cash inflows on disposals-43

In 2012, deferred consideration referred to the receivable that had been recognized by the former CNH Global in connection with the balance of the price for the sale of the 20% interest in Kobelco Construction Machinery Co., Ltd.

from CNH Global to Kobe Steel Ltd. (“KSL”). In the same year, a dispute arose with respect to the price to be paid by KSL to CNH Global and the balance of the purchase price was held in an escrow account. In 2013, the arbitrator issued his award and opinion, effectively ruling in favor of KSL and the remaining funds in the escrow account were paid to KSL and the matter was closed. CNH Industrial has recognized an additional loss of €19 million on the sale of investment in its consolidated statements of operations for the year ended December 31, 2013.