Concluded the due diligence, had to arrivebillionaire offer of the Chinese of Faw, a group 100% controlled by the government of Beijing and already present in the Motor Valley Emilian for Iveco. And instead therise of politics and the threat of golden power for a company that occupies over 20 thousand workers and that has plants also in France on which the Macron government was also concerned wreck the sale of the group that produces trucks by Cnh Industrial and well seen by the stock exchange.
The stop was announced by the same subsidiary of Exor who did know as “discussions with Faw Jiefang relating to the company’s on-highway business are terminated “. As also underlined on Thursday during the assembly of Cnh, the group led by Scott Wine will now continue with the project of spin off announced in September 2019 and to be completed “in the first part of 2022”.
At the end of the analysis of the accounts, the group of the Dragon era ready to put 3.5 billion euros on the table to detect il 100% of Iveco, excluding the division dedicated to military vehicles (Iveco Defence, to ward off the threat of golden power, then extended to strategic supply chains also from the employment point of view) and a majority stake in Fpt. A figure that, according to some rumors, was deemed too low by the Agnelli family and therefore the real reason for the failure deal. Agnelli family who now, also thanks to future leverage of capital opening post-spin off on the stock exchange or another investor, will try to seize opportunities of business represented by “implementation of increasingly sustainable transport solutions and infrastructures, in line with the ambitions of the Green deal of European Union”.
I unions, however, breathe a sigh of relief due to the fact that the ownership of the brand and of the productions Iveco will remain Italian and that Cnh pointed out, unlike some steps towards deconsolidation by Exor, to believe in business dell’automotive. But now they come back in pressing for the second time, since Draghi arrived at Palazzo Chigi, regarding the four-wheeler sector on the Mise by Giancarlo Giorgetti that, despite the requests of the acronyms also worried about the future of Italian plants in Stellantis, did not start the convocations from the dicastery of via Veneto.
“The news of the breakdown of the negotiation between Cnh and the Chinese Faw it requires giving certainties ”, he underlined Michele De Palma, car manager of the Fiom-Cgil. “It is necessary – continued the trade unionist – the urgent convocation at the Ministry of Economic Development for the guarantees on the agreement signed on March 10, 2020 at Mise for investments on the group, starting with Iveco, to give employment prospects through the implementation of the industrial plan based on technological innovation “.
Another obstacle to the Chinese purchase of Iveco was represented by the fact that Brussels would also have to decide on the possible sale. In recent months theEU antitrust in fact, it had announced stricter control over acquisitions in Europe by non-EU state-controlled groups, just like Faw. The fear of the EU executive, shared by many industrial actors and European governments, is that the availability of public funds can allow off-market offers, distorting competition between operators.
@andreadeugeni