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Italy industry minister welcomes end of talks on CNH's Iveco sale to China's FAW

Stock MarketsApr 17, 2021 01:40PM ET
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© Reuters. FILE PHOTO: An Iveco truck is seen at the IAA Commercial Vehicles trade show in Hanover

ROME (Reuters) - Italian Industry Minister Giancarlo Giorgetti on Saturday welcomed the end of talks over the sale of truckmaker Iveco to Chinese firm FAW.

Iveco is part of CNH Industrial (NYSE:CNHI), which in turn is controlled by Exor (OTC:EXXRF), the holding company of Italy's Agnelli family.

CNH said earlier on Saturday it had terminated discussions with FAW over the Iveco sale but was continuing to pursue a spinoff of the group in early 2022.

"The Italian government considers heavy trucks to be a strategic national interest," said Giorgetti, whose rightist League party has always opposed the sale of Iveco to the Chinese.

He said in a statement that the government was ready to hold talks with CNH to keep production in Italy.

Italy industry minister welcomes end of talks on CNH's Iveco sale to China's FAW
 

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