There is a first sign of a change of course on industrial policies. It was inaugurated by the sortie of the Minister of Development, Giancarlo Giorgetti, who surprisingly thinks about the adoption of golden power for Iveco – the historic bus and truck brand of the CNH Industrial galaxy – in the sights of the Faw Chinese for 100% of the capital ( and with it a minority share of FPT industrial active in engines for various applications). The minister says that “it does not mean that we will adopt it, but I consider this type of production to be strategic, which can also be subject to industrial reconversion”. Maybe using the funds from the Recovery.
A step that revives the Euro-Atlantic strategy of this government and puts sale operations abroad under the lens. Here the matter is more delicate than normal because Iveco has its own division – outside the negotiations with the Chinese, it should be specified – which works for the government as it produces vehicles for defense and civil protection. The (hidden) risk is that the Chinese may become aware of sensitive information on Iveco’s industrial processes such as to put them in a privileged position.
Negotiations with the top management of Cnh Industrial are moving forward for a while. There is in-depth due diligence on Iveco commercial vehicles (and Italian plants). It is not certain that we will arrive at a binding offer but the direction seems to be that even if the alternative option continues parallel: the spin off of Iveco and Ftp and their listing on the Stock Exchange, announced in September 2019.