Agnelli family reportedly in talks to sell Iveco
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.
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