Latest news with #IDV
Yahoo
5 days ago
- Automotive
- Yahoo
With Iveco Defence up for sale, Italy may lose a key military supplier
ROME — Prospective buyers are lining up to acquire Iveco Defence Vehicles - Italy's biggest military vehicle maker - and the Italian government may struggle to stop it being sold overseas, a source has told Defense News. The chief supplier of fighting vehicles to the Italian army, IDV could be sold by year's end by its parent company Iveco, which is owned by the Exor Group, which is the largest shareholder in car maker Stellantis and controlled by the Italian Agnelli family. On May 15 Iveco said IDV would be spun off this year, with a possible sale to follow. 'By the end of the year the spin-off will start and in the meantime offers to buy the firm will be evaluated,' said a spokesperson. 'We have had preliminary offers from various strategic players,' said CFO Anna Tanganelli. Last year IDV saw revenue rise by 15% to €1.1 billion ($1.3 billion) as land-warfare budgets grow around the world in response to the Ukraine war. One firm has publicly thrown its hat in the ring to date. On May 8, the CEO of Italian defense giant Leonardo, Roberto Cingolani, said Leonardo had put in a joint offer with Germany's Rheinmetall. Leonardo and Rheinmetall are already in business with a joint venture announced last year to build 1,050 new infantry fighting vehicles for the Italian army based on the Rheinmetall Lynx and 132 tanks based on Rheinmetall's under-development Panther KF51. IDV also has a slice of the huge Italian vehicle order. In December it said it had signed a deal with Leonardo to take 12-15% of the development and production work on the deal, which has been valued at €23 billion. Leonardo and IDV already had a longstanding joint venture in place, called CIO, which builds VBM wheeled fighting vehicles and wheeled Centauro tanks for the Italian army. An industrial source said Leonardo offered to buy IDV for €750 million last year but was turned down. 'They could have had it if they'd offered a billion, but they didn't,' said the source. Meanwhile, numerous firms from around the world are reportedly ready to put in offers for IDV, with Spanish media suggesting Spain's Indra is ready to pay €1 billion, while U.S. funds and French-German consortium KNDS also reportedly keen. BAE Systems will be seen as possible bidder after it announced on Thursday a partnership between BAE Systems Hägglunds and IDV to offer its BvS10 all-terrain vehicle to the Italian army, with design and manufacturing to happen in Italy. BAE already builds amphibious vehicles with IDV for the U.S. Marines. The industrial source said however that given IDV's ties to the Italian military and to Leonardo, there would be reluctance to see it sold to an overseas buyer. 'The Italian army and members of the government would like IDV to stay Italian,' said the source, who spoke on condition of anonymity to discuss internal deliberations. But Cingolani has suggested Leonardo will be reluctant to pay top dollar just to keep IDV Italian, and Exor will likely be seeking maximum profit on the sale of a firm which is flush with work, knowing the firms outside Europe are increasingly interested in buying EU businesses as the bloc builds up its defense war chest. One solution being touted in the Italian media is that the Italian government use its so-called 'Golden Power' law, which can be used to control or block the sale of strategic Italian firms. But an Italian expert on the law said it might not be applicable in the case of IDV. 'The law is usually used to impose conditions for a new buyer, as occurred when GE bought Italian firm Avio Aero, or to stop a purchase by a buyer considered potentially hostile. But there has never been a case when it was used to exclude one or more bidders in a group of bidders,' said the source, who declined to be named. 'If the Italian government, which has a controlling stake in Leonardo, blocks a sale to Indra for example, could that be legally challenged as market interference? Indra is not China,' said the source.
Yahoo
16-05-2025
- Sport
- Yahoo
🚨 River Plate and Independiente del Valle confirm line-ups
This article was translated into English by Artificial Intelligence. You can read the original version in 🇪🇸 here. The 'Millonario' hosts the 'Giant Killer' at the Estadio Mâs Monumental for the fifth matchday of the group stage of the 2025 CONMEBOL Libertadores. River Plate and Independiente del Valle face off this Thursday at the Estadio Mâs Monumental for Matchday 5 of Group B in the Copa Libertadores, where the 'Millonario' is looking to secure their spot in the round of 16, while their rival aims to pick up points to stay in the running for qualification. River comes into this match riding a positive streak of four consecutive victories, including a win in the Superclásico against Boca and qualification for the quarterfinals of the 2025 Torneo Apertura after defeating Barracas Central. In their last continental appearance, Marcelo Gallardo's team beat Barcelona SC 3-2 in Guayaquil and is now very close to securing their ticket to the next round. River's starting eleven Gallardo approaches this match with a star-studded lineup, without Enzo Pérez or Marcos Acuña, but with plenty of attacking power. ✔️ Our starting 11 for this Copa night! 🤍❤️🤍 #Libertadores | #VamosRiver — River Plate (@RiverPlate) May 15, 2025 Independiente del Valle, for their part, are coming off a win over Técnico Universitario in the domestic league, where they are in second place with 24 points, just one behind BSC. Internationally, they sit in third place in Group B with five points, but with a win, they would surpass Universitario of Peru (7 points) and catch up to River at the top of Group B. IDV's starting lineup Javier Rabanal has chosen his best available players in search of a key victory for their aspirations. 🚨 #IDV in @Libertadores : 1⃣1⃣ 📝Lineup #IDV ⚽🏃🆚 @RiverPlate #UnClubDiferente — Independiente del Valle (@IDV_EC) May 15, 2025
Yahoo
16-05-2025
- Sport
- Yahoo
🚨 River Plate and Independiente del Valle confirm line-ups
This article was translated into English by Artificial Intelligence. You can read the original version in 🇪🇸 here. The 'Millonario' hosts the 'Giant Killer' at the Estadio Mâs Monumental for the fifth matchday of the group stage of the 2025 CONMEBOL Libertadores. River Plate and Independiente del Valle face off this Thursday at the Estadio Mâs Monumental for Matchday 5 of Group B in the Copa Libertadores, where the 'Millonario' is looking to secure their spot in the round of 16, while their rival aims to pick up points to stay in the running for qualification. River comes into this match riding a positive streak of four consecutive victories, including a win in the Superclásico against Boca and qualification for the quarterfinals of the 2025 Torneo Apertura after defeating Barracas Central. In their last continental appearance, Marcelo Gallardo's team beat Barcelona SC 3-2 in Guayaquil and is now very close to securing their ticket to the next round. River's starting eleven Gallardo approaches this match with a star-studded lineup, without Enzo Pérez or Marcos Acuña, but with plenty of attacking power. ✔️ Our starting 11 for this Copa night! 🤍❤️🤍 #Libertadores | #VamosRiver — River Plate (@RiverPlate) May 15, 2025 Independiente del Valle, for their part, are coming off a win over Técnico Universitario in the domestic league, where they are in second place with 24 points, just one behind BSC. Internationally, they sit in third place in Group B with five points, but with a win, they would surpass Universitario of Peru (7 points) and catch up to River at the top of Group B. IDV's starting lineup Javier Rabanal has chosen his best available players in search of a key victory for their aspirations. 🚨 #IDV in @Libertadores : 1⃣1⃣ 📝Lineup #IDV ⚽🏃🆚 @RiverPlate #UnClubDiferente — Independiente del Valle (@IDV_EC) May 15, 2025
Reuters
15-05-2025
- Automotive
- Reuters
Iveco approves spinoff plan for defence unit as it considers its sale
MILAN, May 15 (Reuters) - Italian truck and bus maker Iveco Group ( opens new tab said on Thursday it will press ahead with a plan to spin off its defence business while exploring interest from potential buyers for the unit. The group, controlled by Exor ( opens new tab, the investment company of Italy's Agnelli family, said in February it was considering spinning off the unit, known as IDV, to simplify its structure and create greater flexibility for both businesses, adding it would provide an update in the following months. The separation is expected to take place this year, the company said. The group said it had received preliminary expressions of interest from potential strategic buyers for its defence business. "The board has therefore mandated the management to continue the preparation for the spinoff, while exploring such preliminary interests," it added. Leonardo ( opens new tab, together with Germany's Rheinmetall ( opens new tab, has filed a non-binding offer for IDV, the CEO of the Italian aerospace and defence said last week without providing further details. According to a media report earlier this week Spanish defence company Indra ( opens new tab also sent a non-binding offer. The announcement came as Iveco posted a 42% contraction of the adjusted operating profit of its industrial activities for the first quarter of the year, to 117 million euros ($131 million), due to lower truck demand in Europe. The result was short of a 140 million euro analyst consensus provided by the company. Iveco also confirmed its preliminary forecasts for its full-year results, including one for adjusted EBIT from industrial activities of between 850 and 900 million euros, with CEO Olof Persson mentioning a "strong order book" for the company. ($1 = 0.8937 euros)
Hamilton Spectator
13-05-2025
- Automotive
- Hamilton Spectator
IDV to supply 785 military logistics vehicles to the Dutch Armed Forces
Turin, 13 th May 2025 . IDV, the brand of Iveco Group (EXM: IVG) specialised in defence and civil protection equipment, has been awarded a tender from the Dutch Ministry of Defence for the supply and logistic support (including maintenance and assistance) of 785 military logistics vehicles in three versions – semitrailer tractor, recovery, and hook-lift – ensuring logistical commonality across different platforms and among many other EU member states. The trucks will enhance the capabilities of the Dutch Armed Forces and will be delivered between 2027 and 2029. The award allows for an optional lot of an additional 785 vehicles. This new award reaffirms the strength of the ongoing partnership between IDV and the Dutch Ministry of Defence following the contract for the supply of 1,283 'Manticore' Multirole Tactical Vehicles, with deliveries that started in late 2023. Contributing to IDV's growth targets outlined in the brand's strategic business plan, the order is another step forward in its ambition to deliver class-leading defence solutions in a complex international scenario. Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The seven brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs 36,000 people around the world and has 19 industrial sites and 30 R&D centres. Further information is available on the Company's website Media Contacts: Francesco Polsinelli, Tel: +39 335 1776091 Fabio Lepore, Tel: +39 335 7469007 E-mail: mediarelations@ Investor Relations: Federico Donati, Tel: +39 011 0073539 E-mail: Attachments
