Borsa Italiana has admitted the Iveco Group (Ivg) ordinary shares to listing on Euronext Milan, organized and managed by Borsa Italiana. Ivg also filed with Borsa Italiana the application for admission to trading of its ordinary shares on Euronext Milan. As previously communicated, the first trading day is expected to be January 3, 2022. In the next few days Borsa Italiana will confirm the start date for trading. The spin-off of Ivg from Cnh Industrial is expected to become effective on January 1, 2022, following the signing of the relative demerger deed scheduled for December 31.
Each Cnhi ordinary share holder will receive one Ivg ordinary share for every five Cnhi shares held. The outstanding Cnhi ordinary shares will be quoted “ex-assignment” from January 3, 2022 and the record date for the assignment will be January 4, 2022 on both Euronext Milan and NYSE. The IVG ordinary shares will be entitled to a dividend starting from January 1, 2022.
Intesa Sanpaolo and UniCredit Bank, Milan branch were the sponsors of the operation. The law firms Legance-Avvocati Associati and Freshfields Bruckhaus Deringer LLP assisted Iveco Group, while Cleary Gottlieb Steen & Hamilton assisted the sponsors. Ivg’s auditing firm is Ernst & Young.