“Exor will continue to be the shareholder of reference in both entities following completion of the spin-off process,” it said.
Under the plan, some high-margin industrial vehicle brands including heavy-duty quarry truck maker Astra and Iveco Defense Vehicles will be assigned to the agricultural and construction unit. “It looks as if Elkann is focusing on cash-in deals to help fund asset diversification at Exor,” said Roberto Lottici, asset manager at Milan-based Ifigest.
FILE PHOTO: An Iveco show truck is seen at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo
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