Shares in Fiat Industrial are down 1.7 percent, underperforming a positive car sector, on concerns over a delay to the company's plans to merge with its tractor subsidiary CNH Global NV .
Independent directors of the 88-percent-owned U.S. farm and construction equipment maker have questioned the share swap terms of the deal, sources familiar with the matter say.
"Reuters reported there could be a delay to 2013. It's no real surprise since the CNH committee is taking longer than expected and it's unlikely they'll complete before Q1 next year," a Milan broker who requested anonymity says.
"Anyway, it's not good news for Fiat Industrial since it raises uncertainty. We're recommending playing long on CNH and short on Fiat Industrial," the broker says.
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