These are days of appointments for companies in the galaxy Agnelli-Elkann. After Maurizio Arrivabene, the new CEO of Juventus (and it may not be over here …); after Benedetto Vigna at the helm of Ferrari, now it is the turn of Gerrit Marx as CEO of another company in the group. But there is one detail: it does not exist yet.
What do you mean? In the sense that the spin-off of Cnh Industrial’s activities for the on-highway segment (i.e. those large vehicles that can travel on roads and highways) is still to be defined, but in the meantime it already has a CEO: it is a matter of Gerrit Marx, who joined Cnh Industrial in January two years ago as president of Commercial and Specialty Vehcles.
This time he is not really a technician as happened with Vigna in Ferrari: in fact, Marx has a past in McKinsey, in Bain Capital but also in Daimler and Skoda. The new company, whose name is still to be defined, will start its activities at the beginning of 2022 and will include many brands, with related activities: Iveco (heavy, medium and light commercial vehicles), Iveco Astra (heavy duty vehicles quarry / construction site), Iveco Bus and Heuliez Bus (buses and coaches), Magirus (fire fighting vehicles), Iveco Defense Vehicles (defense and civil protection vehicles), Fpt Industrial (engine technologies) and Iveco Capital (financial services) .
The announcement follows the rumor according to which the Minister of Economic Development Giorgetti he would meet those responsible for Industrial Name to discuss different topics. First of all, to understand if the negotiations with the Chinese of Faw for the sale of Iveco have definitively ended. If this were not the case, in fact, Giorgetti and the government had already announced their intention to extend the golden power also on this dossier since the object of the negotiation would also have been part of the defense segment.
The move of “spinoffare”Part of Cnh Industrial’s business and then listing it on the stock exchange is certainly nothing new. Many analysts are convinced that this will happen sooner or later, so much so that the stock on the stock market has gained just under 144% in the last year, going from 5.9 to 14.42 euros per share.
From this point of view, having entered Iveco Defence Vehicles within the perimeter of the new company (whose name must be identified) it goes precisely in the direction of removing any type of government impediment and being able to freely negotiate the sale of a part of the company with anyone.
The negotiation with the Chinese of Faw it had run aground for two reasons: one of an economic nature, the other of a political nature. The desire was to arrive at at least an offer that was around 4 billion (500 million more than what the Chinese put on the table), an obstacle that would surely have been overcome with a little patience and a tight negotiation.
The political theme, on the other hand, was that Faw – which is well aware of the restrictions that rulers can impose – wanted a free hand in choosing the way to manage even such vital assets as the defense segment.. All that remains is to wait for the end of the summer to definitively understand what Exor will want to do. However, it is clear that something big is boiling in the pot.