Iveco

[Red Horse]

Here is a good article from Bloomberg courtesy of our missing world wide correspondent-wanna guess who???

$3.6 billion-seems like a good buy!  Glad a EU country has finally said "NO WAY" to another Chinese steal.

How about it all you Aussie  guys?  Big Iveco's are capable??

Just think -for 3.6 billion  Ford could be  back where they were with a complete truck line and not only blue tractors but orange and red tractors as well 😎. 

Yeah wishful thinking.

Agnellis End Iveco Talks With China FAW as Italy Opposes

 

Bloomberg  /  April 19, 2021

 

The billionaire Agnelli family’s CNH Industrial NV ended talks to sell its Iveco SpA truck and bus unit to China FAW Group after the Italian government signaled it would oppose the deal.

 

CNH abandoned the talks because the Chinese automotive group didn’t present an acceptable offer for Iveco. Italy’s government had signaled its opposition to CNH selling to a Chinese company and later praised the decision to pull out of the talks.

 

Shares of CNH dropped as much as 4.7% in Milan, their biggest fall since January and the largest decline on the Stoxx 600 index. The stock is trading ex-dividend as of Monday.

 

“Inevitable weakness of the stock today is an opportunity to buy,” broker Equita Sim wrote in a note Monday, saying an eventual on-highway business spin-off “represents a catalyst to remove the holding discount.”

 

Italy’s government had been following the negotiations closely, “because it considers the production of heavy vehicles to be of strategic national interest,” said Economic Development Minister Giancarlo Giorgetti. Rome is prepared to help ensure that production remains in Italy, he said.

 

Instead of selling the Turin, Italy-based company, CNH now plans to accelerate “deployment of ever-more sustainable transport solutions and infrastructure, in line with the EU’s Green Deal ambitions.” That confirmed an earlier report by Bloomberg that plans for a deal with the Chinese company had been scrapped.

 

The decision was also welcomed in France, with Finance Minister Bruno Le Maire noting that he and Giorgetti have worked together to protect European manufacturing.

 

CNH had been in talks with FAW since last year, and it rejected an initial proposal from the Chinese company valuing the business at around 3 billion euros ($3.6 billion). The talks were conducted amid growing opposition to Chinese ownership from leading politicians.

 

Prime Minister Mario Draghi said on April 8 that he backs extending state protections for businesses, after revealing that his government recently blocked a Chinese takeover of an Italian semiconductor company.

 

Matteo Salvini, leader of the rightist League party -- the most popular force in Draghi’s broad coalition -- said last month that the administration must protect Iveco as a strategic asset.

 

CNH in 2019 announced it would split off its agricultural equipment business from commercial vehicle operations, though the plan has been delayed by the pandemic. A sale of one of Europe’s most iconic truck makers could shake up the sector as well as attract domestic criticism of the Agnelli family.

 

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[Hayseed]

https://www.fullyloaded.com.au/product-news/2104/cnhi-terminates-takeover-talks-for-iveco

[Hayseed]

On 4/20/2021 at 11:40 PM, Red Horse said:

How about it all you Aussie  guys?  Big Iveco's are capable??

Iveco have been losing market share consistently over the last 10(or so) Years. Their main Problems In my opinion are..

1) They have revolving Door of Foreign executives who come & go far too frequently All with their Own Different Agendas.

2) They have an extremely Poor reputation regarding Warranty & Aftermarket support, There's heaps of Pissed Off Ex Iveco owners out there..

3) They Don't have a 15-16 Litre Truck Engine, They do have one they Fit to Tractors & Headers (Combines to you) their 13 Litre @560/1700 is just not quite Man enough for our Interstate B Double/Road train Work..

 

They recently head hunted a Long Term Freightliner/Benz Guy to head up the Aussie Operation. if he is given a free rein & support for the next 4-5 Yrs they Might just (maybe) Turn it Around..

[Red Horse]

1 hour ago, Hayseed said:

Iveco have been losing market share consistently over the last 10(or so) Years. Their main Problems In my opinion are..

1) They have revolving Door of Foreign executives who come & go far too frequently All with their Own Different Agendas.

2) They have an extremely Poor reputation regarding Warranty & Aftermarket support, There's heaps of Pissed Off Ex Iveco owners out there..

3) They Don't have a 15-16 Litre Truck Engine, They do have on they Fit to Tractors & Headers (Combines to you) their 13 Litre @560/1700 is just not quite Man enough for our Interstate B Double/Road train Work..

 

They recently head hunted a Long Term Freightliner/Benz Guy to head up the Aussie Operation. if he is given a free rein & support for the next 4-5 Yrs they Might just (maybe) Turn it Around..

Thx Hayseed.  I would  have to  believe you  can tolerate item 1.-that is  a corporate problem that will cost them money in the long run. Item 3? I guess there could be some applications where the cargo "cubes out" before it "weighs out".

But item 2? Kiss of death IMO.  You want to know that whatever you buy, the builder will stand behind it.

[Hayseed]

https://www.ownerdriver.com.au/product-news/2101/michael-may-aims-high-with-iveco