Latest news with #Agnellis'
Reuters
17 hours ago
- Automotive
- Reuters
Exclusive: Agnellis in talks over Iveco sale, Tata Motors has made approach, sources say
MILAN, July 18 (Reuters) - Italy's Agnelli family is in talks over the possible sale of truck maker Iveco ( opens new tab, three sources told Reuters, with two mentioning Tata Motors ( opens new tab as a potential buyer. India's Tata Motors has approached Exor ( opens new tab, the Agnellis' investment company, over its controlling stake in Iveco Group, two of the sources said. A sale would not include Iveco's IDV defence business. Exor and Iveco declined to comment. Tata Motors did not reply to a request for comment. Shares in Iveco jumped as much as 9.7% on the Milan bourse following the news published by Reuters. The stock ended trading up 8.3% on Friday. Italian trade unions also reacted to the Reuters report, asking Industry Minister Adolfo Urso to be summoned to discuss the company's prospects. Iveco said in May it would press ahead with plans to either spin off its defence business by the end of 2025 or sell it, having already received offers from potential buyers. A third source said that, as the separation process of the defence unit was progressing, Exor had started talks with more than one non-European counterpart over a possible sale. The talks over the sale of Iveco and Tata Motors' approach have not been reported before. Exor owns a 27.1% stake in Iveco, with 43.1% of voting rights in the Turin-based truck maker. Iveco, which also makes buses and engines, has a market capitalisation of around 4.2 billion euros ($4.9 billion). It is the smallest among Europe's leading truck makers - a market led by Volvo ( opens new tab, Daimler ( opens new tab and Traton ( opens new tab - and has often been seen as a potential M&A candidate by investors and analysts. However, its presence in the sensitive business of defence has so far complicated any possible deal and restricted the pool of potential buyers. The Italian government in 2021 blocked an offer for Iveco from Chinese rival FAW. Iveco was at that time part of the Agnelli-controlled industrial conglomerate CNH (CNH.N), opens new tab. It was spun off and separately listed at the beginning of 2022. Iveco has received three offers for its defence business, according to two sources: a joint one from Italian defence company Leonardo ( opens new tab and Germany's Rheinmetall ( opens new tab, and two others from Franco-German tank maker KNDS and arms company Czechoslovak Group. These offers value IDV at up to 1.9 billion euros, according to Bloomberg. Iveco employs around 36,000 people, including 14,000 in Italy. Any M&A transaction involving Iveco is expected to fall under Rome's 'golden power' legislation, allowing it to set conditions on deals affecting companies deemed of national strategic interest. ($1 = 0.8590 euros)
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Business Standard
4 days ago
- Automotive
- Business Standard
Tata Motors in talks to acquire European truckmaker Iveco: Report
Italy's Agnelli family is in talks over the possible sale of truck maker Iveco, three sources told Reuters, with two mentioning Tata Motors as a potential buyer. India's Tata Motors has approached Exor, the Agnellis' investment company, over its controlling stake in Iveco Group, two of the sources said. A sale would not include Iveco's IDV defence business. Exor and Iveco declined to comment. Tata Motors did not reply to a request for comment. Shares in Iveco jumped as much as 9.7 per cent on the Milan bourse following the news published by Reuters. The stock ended trading up 8.3 per cent on Friday. Italian trade unions also reacted to the Reuters report, asking Industry Minister Adolfo Urso to be summoned to discuss the company's prospects. Iveco said in May it would press ahead with plans to either spin off its defence business by the end of 2025 or sell it, having already received offers from potential buyers. A third source said that, as the separation process of the defence unit was progressing, Exor had started talks with more than one non-European counterpart over a possible sale. The talks over the sale of Iveco and Tata Motors' approach have not been reported before. Exor owns a 27.1 per cent stake in Iveco, with 43.1 per cent of voting rights in the Turin-based truck maker. Iveco, which also makes buses and engines, has a market capitalisation of around 4.2 billion euros ($4.9 billion). It is the smallest among Europe's leading truck makers - a market led by Volvo, Daimler and Traton - and has often been seen as a potential M&A candidate by investors and analysts. However, its presence in the sensitive business of defence has so far complicated any possible deal and restricted the pool of potential buyers. The Italian government in 2021 blocked an offer for Iveco from Chinese rival FAW. Iveco was at that time part of the Agnelli-controlled industrial conglomerate CNH. It was spun off and separately listed at the beginning of 2022. Iveco has received three offers for its defence business, according to two sources: a joint one from Italian defence company Leonardo and Germany's Rheinmetall, and two others from Franco-German tank maker KNDS and arms company Czechoslovak Group. These offers value IDV at up to 1.9 billion euros, according to Bloomberg. Iveco employs around 36,000 people, including 14,000 in Italy. Any M&A transaction involving Iveco is expected to fall under Rome's 'golden power' legislation, allowing it to set conditions on deals affecting companies deemed of national strategic interest. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
4 days ago
- Automotive
- Time of India
Tata Motors approaches Italy's Agnelli family to buy controlling stake in Iveco
Italy's Agnelli family is in talks over the possible sale of truck maker Iveco, three sources told Reuters, with two mentioning Tata Motors as a potential buyer. India's Tata Motors has approached Exor , the Agnellis' investment company, over its controlling stake in Iveco Group, two of the sources said. A sale would not include Iveco's IDV defence business. Exor and Iveco declined to comment. Tata Motors did not reply to a request for comment. Iveco said in May it would press ahead with plans to either spin off its defence business by the end of 2025 or sell it, having already received offers from potential buyers. A third source said that, as the separation process of the defence unit was progressing, Exor had started talks with more than one non-European counterpart over a possible sale. The talks over the sale of Iveco and Tata Motors' approach have not been reported before. Exor owns a 27.1% stake in Iveco, with 43.1% of voting rights in the Turin-based truck maker. Iveco, which also makes buses and engines, has a market cap of around 4.2 billion euros ($4.9 billion). It is the smallest among Europe's leading truck makers - a market led by Volvo, Daimler and Traton - and has often been seen as a potential M&A candidate by investors and analysts. However, its presence in the sensitive business of defence has so far complicated any possible deal and restricted the pool of potential buyers. The Italian government in 2021 blocked an offer for Iveco from Chinese rival FAW. Iveco was at that time part of the Agnelli-controlled industrial conglomerate CNH. It was spun off and separately listed at the beginning of 2022. Iveco has received three offers for its defence business, according to two sources: a joint one from Italian defence company Leonardo and Germany's Rheinmetall, and two others from Franco-German tank maker KNDS and arms company Czechoslovak Group (CSG). These offers value IDV at up to 1.9 billion euros, according to Bloomberg. Iveco employs around 36,000 people, including 14,000 in Italy. Any M&A transaction involving Iveco is expected to fall under Rome's 'golden power' legislation, allowing it to set conditions on deals affecting companies deemed of national strategic interest.
Time of India
4 days ago
- Automotive
- Time of India
Tata Motors approaches Italy's Agnelli family to buy controlling stake in Iveco
Italy's Agnelli family is in talks over the possible sale of truck maker Iveco, three sources told Reuters, with two mentioning Tata Motors as a potential buyer. India's Tata Motors has approached Exor , the Agnellis' investment company, over its controlling stake in Iveco Group, two of the sources said. A sale would not include Iveco's IDV defence business. Explore courses from Top Institutes in Select a Course Category Technology PGDM Leadership MBA Finance Data Science Data Science Data Analytics Project Management MCA Degree Design Thinking others Others Healthcare Digital Marketing healthcare Product Management CXO Cybersecurity Artificial Intelligence Operations Management Public Policy Management Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details Exor and Iveco declined to comment. Tata Motors did not reply to a request for comment. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tiruvallur: 1 Trick to Reduce Belly Fat? Home Fitness Hack Shop Now Undo Iveco said in May it would press ahead with plans to either spin off its defence business by the end of 2025 or sell it, having already received offers from potential buyers. A third source said that, as the separation process of the defence unit was progressing, Exor had started talks with more than one non-European counterpart over a possible sale. Live Events The talks over the sale of Iveco and Tata Motors' approach have not been reported before. Exor owns a 27.1% stake in Iveco, with 43.1% of voting rights in the Turin-based truck maker. Iveco, which also makes buses and engines, has a market cap of around 4.2 billion euros ($4.9 billion). It is the smallest among Europe's leading truck makers - a market led by Volvo, Daimler and Traton - and has often been seen as a potential M&A candidate by investors and analysts. However, its presence in the sensitive business of defence has so far complicated any possible deal and restricted the pool of potential buyers. The Italian government in 2021 blocked an offer for Iveco from Chinese rival FAW. Iveco was at that time part of the Agnelli-controlled industrial conglomerate CNH. It was spun off and separately listed at the beginning of 2022. Iveco has received three offers for its defence business, according to two sources: a joint one from Italian defence company Leonardo and Germany's Rheinmetall, and two others from Franco-German tank maker KNDS and arms company Czechoslovak Group (CSG). These offers value IDV at up to 1.9 billion euros, according to Bloomberg. Iveco employs around 36,000 people, including 14,000 in Italy. Any M&A transaction involving Iveco is expected to fall under Rome's 'golden power' legislation, allowing it to set conditions on deals affecting companies deemed of national strategic interest.
