For years, Exor of the Agnelli-Elkann group has been meditating on the reorganization of CNH, separating Iveco trucks and buses (which alone have a turnover of 11 billion euros) from tractors and earthmoving and agricultural machinery. Sergio Marchionne had already thought about it but the novelty is that this time maybe it's really happening and the leap in the share (+5,18 yesterday in Piazza Affari) shows that the Stock Exchange believes in it. The group believes the time has come to implement the long-planned corporate changes.
Unconfirmed rumors say Exor will present the spin-off as early as Tuesday on Wall Street where the title is listed on Piazza Affari as well as on Piazza Affari. The reference scheme is the one already successfully applied at the time of the demerger of Ferrari from FCA. Nor can it be ruled out that, once spun off from CNH, Iveco can then be listed independently. But the spin-off of Iveco trucks and buses could be accompanied by a more general reorganization of CNH conceived by CEO Hubertus Muhlhauser and in line with the changes, including regulations, taking place in the sector.
CNH, which has 60 employees in its various plants around the world but especially in Italy, closed the 2018 financial statements with sharply increasing profitability and an adjusted EBITDA of $299 million, up 53% on the previous year.
Concern for the effects of the spin off were expressed by the secretary general of the metalworkers of the Cisl, Marco Bentivogli, above all in relation to the future of over 6 workers in the Italian plants of Iveco and in particular those of Brescia, Suzzara, Bolzano and Turin.
