Iveco shares sank on its market debut on Monday as CEO Gerrit Marx said the standalone Italian truckmaker would offer a bet on a small but dynamic company with proven turnaround skills.
Asked about Iveco's partnership strategy at a ceremony for its market debut, Marx said that discussions would now resume after a quiet period before the listing, but there was "nothing immediate" on the horizon.to produce battery electric and hydrogen heavy trucks, is looking for partnerships in technology, including fintech, components supply and development projects.
"On heavy duty trucks a partner can help too, not necessarily in Europe," the German executive added. The smallest among major European truckmakers, Iveco has often been seen as a potential M&A target. Marx said he saw Iveco neither as a target nor an aggressive dealmaker.Intesa Sanpaolo's Bosio said that Iveco was well set to operate independently but "in the medium-long term its commitment in partnering with other players may lead to the finalisation of M&A deals".
Exor, which now holds 27% of Iveco common shares and 42.5% of voting rights, has reaffirmed its commitment "to the long-term development" of both Iveco and CNH.Additional reporting by Valentina Za; Editing by Alexander SmithSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iveco Truck Spinoff Targets Growth in Challenging Industry ShiftCNH Industrial NV’s Iveco Group NV will start trading later Monday in Milan, following Daimler AG’s spinoff of its truck division to better confront the industry’s move away from diesel engines.
Read more »
The 10 Best Camper Vans for Getting Away From It All in StyleVan life has never been more popular. Here are 10 camper vans that will let you hit the road in comfort.
Read more »
The Experimental Mercedes-Benz C111 That Never Got to Hit the RoadEven though it took the 70s by storm, only 16 cars were produced of the iconic model. 🚗 engineering
Read more »
Tesla's bumper delivery numbers charge up sharesTesla Inc's shares started the year with stellar gains after the electric carmaker reported record deliveries for the fourth quarter, allaying fears of supply chain woes that have hit automakers.
Read more »
Iveco Truck Spinoff Targets Growth in Challenging Industry ShiftCNH Industrial NV’s Iveco Group NV will start trading later Monday in Milan, following Daimler AG’s spinoff of its truck division to better confront the industry’s move away from diesel engines.
Read more »