Fiat Industrial won approval for a friendly paper-and-cash offer worth about $1.49 billion for 12 percent of CNH, creating the third-largest US farm and building equipment maker after Caterpillar and John Deere. The sweetened offer included a $10-per-share dividend, for a cash outlay of about $300 million.

At 0815 GMT, shares were up 1.1 percent at 8.49 euros. CNH's shares are listed in New York, where the stock market is closed for the Thanksgiving holiday.

"In a longer term view, Fiat Industrial deserves higher valuations," wrote Mediobanca in a note ahead of the CNH approval.