CNH Industrial Shareholders acquires truck maker Iveco. Spin-off approved.

MILAN: CNH Industrial's shareholders on Thursday approved the spin-off of its truck-making business Iveco Group, completing a plan the company launched two years ago to identify its businesses.

Upon completion of the plan, CNH Industrial shareholders will receive a joint venture with Iveco Group for every five common shares in the parent company, CNH said in a statement.

CNH Industrial Control shareholder Exor, a holding company owned by the Agnelli family of Italy, will become the largest shareholder in the Iveco Group, holding approximately 27% of common shares and 42.5% of voting rights.

The Iveco Group, led by CEO Gerrit Marks, is now merging into a stand-alone company on January 1, but its shares began trading on the Milan Exchange on January 3.

Truck, bus, specialty, and defense vehicle and powertrain operations fall under the newly formed Iveco Group. CNH Industrial will focus on its farm machinery and construction equipment business after the spin-off.

Iveco's deal reflects a similar move from Daimler, which completed the spin-off and list of its truck operations earlier this month, while in 2019 Volkswagen listed its truck unit Traton with brands including MAN and Scania are included.