Latest news with #Iveco
Economic Times
a day ago
- Automotive
- Economic Times
What if Tata Motors buys Iveco's truck unit? Will it propel or drag like JLR?
Italy's Agnelli family had a good outing on the European bourses on Friday. The shares of Iveco, owned by the Agnellis and one of Europe's leading commercial vehicle makers after Volvo, Daimler, and Traton, jumped 8.3% after Reuters reported that Tata Motors has approached the family to acquire a controlling stake in the company. Italian newspaper Il Giornale ran the headline 'Iveco Group may become Indian,' adding that Exor, the Agnelli
Yahoo
a day ago
- Automotive
- Yahoo
Agnelli family reportedly in talks to sell Iveco
The Agnelli family is currently engaged in discussions regarding the potential sale of the Italy-based truck manufacturer Iveco, Reuters has reported. The Agnelli family's investment firm, Exor, has been approached by India's Tata Motors, which has shown interest in acquiring a controlling stake in the Iveco Group, sources familiar with the matter told the publication. Iveco, which specialises in the production of trucks, buses, and engines, has a market capitalisation of approximately €4.2bn ($4.9 billion) and is considered one of the smaller players among Europe's truck manufacturers. The potential sale would not include Iveco's defence division, Iveco Defence Vehicles, which the company has previously announced plans to divest by the end of 2025, the report added. This segment has garnered interest from various parties, with offers that could value the division at up to €1.9bn. Exor, which oversees the Agnelli family's investments, holds a 27.1% stake in Iveco, equating to 43.1% of the voting rights. The Italian government has previously intervened in the sale of the company, blocking a bid from Chinese firm FAW in 2021. Since then, Iveco has been spun off from CNH Industrial and operates as an independent entity. The company employs roughly 36,000 people worldwide, with a significant portion of its workforce based in Italy. Any transaction involving Iveco is expected to be scrutinised under Italy's 'golden power' legislation, which allows the government to influence deals that involve strategically important companies. The discussions between the Agnelli family and potential buyers, including Tata Motors, have not been previously reported. As the talks progress, the outcome could lead to a notable shift in the European automotive landscape. The news of these discussions has had an immediate impact on Iveco's stock value, which experienced a significant increase on the Milan stock exchange, closing 8.3% higher on 18 July. As the news broke, Italian trade unions called for a meeting with Industry Minister Adolfo Urso to discuss the implications for the company's future. "Agnelli family reportedly in talks to sell Iveco" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Reuters
a day 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.
