New Holland - Case Merger Approved by U.S. Department of Justice / Anticipated Closing Date Set

Amsterdam, Netherlands (PROTEXT) - The following is a jointstatement released today by New Holland and Case Corporation: "With clearance from the United States' Department of Justice,we have now reached final agreements with the major regulatoryagencies, and we are cleared to proceed with our merger. We haveset the anticipated closing date for Friday, November 12, 1999.Upon completion, the $6 billion deal, which consists of $4.6billion in equity and $1.4 billion in assumed debt, will create aglobal leader in the agricultural equipment, constructionequipment and financial services industries that had combined1998 revenues of $12 billion. "In total, the actions included in our agreement with the U.S.Department of Justice represent approximately 3 percent of thecombined company's 1998 revenues and are not expected tomaterially impact the merged company's results. Through supplyagreements and other options, we intend to maintain a full-lineof products offered by our dealer networks, which is an importantelement in our multiple brand, multiple distribution businessmodel. We will begin work immediately upon close of the merger todevelop differentiated product lines for each brand on a commonplatform design. "We are moving quickly to complete the merger of Case and NewHolland and then rapidly begin the integration process that isexpected to create $400 to $500 million in annual cost savingsafter three to four years." Joint Statement by Jean-Pierre Rosso, Chairman and CEO of CaseCorporation (NYSE: CSE), and Umberto Quadrino, Chairman and CEOof New Holland N.V. (NYSE: NH). Background: In accordance with the U.S. Department of Justice, Case andNew Holland have agreed to the following: -- Divestiture of Case' ownership interest in Hay & ForageIndustries in Hesston, Kansas, a 50/50 joint venture with AgcoCorporation that produces hay and forage implements. -- Divestiture of New Holland's Versatile four-wheel drivetractor and Genesis two-wheel drive tractor, along with theWinnipeg, Canada, plant in which they are made. New Holland's bi-directional tractor, the TV-140, is not included in the agreementand production will be moved to another facility within themerged company. -- For each of these products, Case and New Holland will havethe right to negotiate for the purchase of the respectiveproducts from the purchaser for a specified period of time. Thecompany's dealers will also be able to source replacement partsfor these products from either Case or New Holland, respectively,or the buying company. The merger agreement was announced by the two companies inMay. Under the terms of the agreement, Case shareholders, whoapproved the transaction in August, will receive $55 per share. New Holland is a world leader in the design and manufacture ofa full line of agricultural and construction equipment, andoffers a rapidly expanding line of financial services in many ofits markets. With revenues of $5.7 billion in 1998, the Companyand its joint venture partners operate in 160 countries through anetwork of approximately 6,100 dealers and distributors. Case Corporation is a leading worldwide designer, manufacturerand distributor of agricultural and construction equipment, andoffers 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 anetwork of approximately 4,900 independent dealers. ots OriginalText Service: New Holland Internet: http://www.newsaktuell.deContact: Media Relations, Jeffrey Walsh of New Holland 44-181-479-8809, or fax, 44-181-479-8626, or email:JWALSH@NEWHOLLAND.COM

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