According to insiders, the Italian industrial family Agnelli negotiates the sale of the commercial vehicle manufacturer Iveco. Tata Motors was mentioned as a possible buyer. The Indian vehicle manufacturer addressed the Agnelli family of the Holding Society of the Agnelli family about Iveco, said two people familiar with the process of the Reuters news agency.
Iveco shares add strongly
The Iveco armor business is not part of a possible sale. A third insider said Reuters said that Exor had started discussions with more than one non-European prospect about a possible sale. According to Reuters, Exor and Iveco rejected a statement. Tata Motors initially did not answer a corresponding request from the news agency. The Iveco shares grew up to 9 percent.
Iveco had declared in May to either split or sell his armaments business by the end of the year. According to two insiders, there are three offers for the division: a common offer from Leonardo and Rhine metal, one of the French-German tank builder KNDS and one of the Czechoslovak Group (CG). According to information from the Bloomberg news agency, the division is rated up to 1.9 billion euros.
The smallest European commercial vehicle manufacturer
Exor holds a share of 27.1 percent and 43.1 percent of voting rights to Iveco. With a market capitalization of approximately 4.2 billion euros, the company is the smallest European commercial vehicle manufacturer and has long been considered a takeover candidate. So far, however, the armaments business had prevented a takeover. For example, the Italian government in 2021 blocked an offer from the Chinese rival Faw.
The Agnelli family is one of the most famous and most influential families in Italy, whose business activities extend across various industries, including Automobil (Fiat, Ferrari), media and finance. Company patriarch Gianni Agnelli died in 2003. The inheritance dispute over the assets of the former Fiat boss is an ongoing topic that also employs the Italian judiciary. It’s about several million euros which were confiscated by the authorities in connection with possible tax evasion.