What will change for Cnh with the listing of Iveco?
Rally of the CNH Industrial stock yesterday in Piazza Affari after the approval of the listing prospectus of Iveco Group
Debut in Piazza Affari for Iveco on January 3, 2022.
Yesterday Cnh Industrial (controlled by the Exor group , the holding company of the Italian Agnelli family ) announced the approval of the listing prospectus of Iveco.
The transaction is part of the Iveco spin-off from the parent company Cnh Industrial and will help the two groups to actively participate in the consolidation in progress in the sector.
Also yesterday, Exor confirmed its support for Cnh Industrial and Iveco Group "in view of the announced spin-off process of Iveco Group, which accomplishes the separation of On-Highway from Off-Highway activities by Cnh Industrial".
After the spin-off, CNH will focus on its agricultural machinery and construction machinery businesses. ( Here the in-depth analysis by Start on the results of the third quarter of the Italian-American vehicle manufacturer ).
Furthermore, upon completion of the demerger, the shareholders of Cnh Industrial will receive one Iveco share for every five shares held in the parent company.
“The prospectus shows that the Agnelli family holding company, Exor, which has 27% of the outstanding Cnh Industrial shares, will also have 27% of the Iveco Group shares outstanding. First shareholder in both groups ” underlines Repubblica , a newspaper of the Gedi group controlled by Exor.
Applause from the market: Cnh Industrial shares closed up + 4.37%.
All the details.
LISTING ON JANUARY 4, 2022
Green light from the Dutch authorities for the listing of Iveco on the Stock Exchange. The company will be separated from the CNH group.
The listing and first trading of the Ordinary Shares on Euronext Milan with the symbol IVG should start on January 3, 2022.
ACTIONS
As a result of the Demerger, each holder of Cnh Industrial ordinary shares will receive one Iveco Group ordinary share (and one special voting share, if applicable) for every five CNH Industrial ordinary shares held (or special shares with voting rights if applicable).
SHAREHOLDERS 'MEETING ON DECEMBER 23rd
In order to approve the Demerger, Cnh Industrial has called the extraordinary shareholders' meeting for December 23, 2021.
THE IVECO SPINOFF FROM CNH
Upon completion of the demerger, CNH Industrial and Iveco Group will become two fully independent listed companies.
The spin-off plan, announced in 2019, will see Cnh Industrial focus on agricultural machinery and construction equipment, while trucks, buses, special and defense vehicles and powertrain operations will be part of the new Iveco Group.
WHAT THE GROUP LEADED BY GERRIT MARX WILL DO
The new company will be called Iveco Group – eight brands and Fpt – and will start operating from 1 January. The spinoff plan is aimed at expanding the production of electric vehicles. In September it inaugurated a new plant in Ulm, Germany, with Nikola, a US start-up of electric trucks.
"The first Nikola Tre electric battery models produced in Ulm, Germany will be delivered to customers in the United States in 2022" announced Gerrit Marx, CEO of Iveco Group, the company that will be born from the spin-off of Cnh Industrial, presenting the results of the activities that will flow into Iveco Group, during the call on Cnh Industrial's third quarter 2021 accounts.
EXOR'S SUPPORT CONFIRMED
Finally, the main shareholder Exor confirmed its support for the operation and its commitment to the long-term development of both companies.
“Cnh Industrial and Iveco Group, led by their respective highly experienced management” – underlines Exor in a note – “have established a clear and ambitious path for their growth and development. Exor believes that both – as independent companies, each focused on its business – will have greater opportunities to exploit their respective positions as market leaders ”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/cosa-cambiera-per-cnh-con-la-quotazione-di-iveco/ on Fri, 12 Nov 2021 07:34:05 +0000.