Ten years: that’s how long the adventure of Cnh Industrial (controlled by the Agnelli family’s Exor) in Piazza Affari lasted. Now the company has decided to leave the Milan Stock Exchange. “The management and the board of directors – explains a note – have decided, after in-depth considerations and analyzes that shareholders will be able to derive greater benefits from the listing on the Nyse alone”. Today the company is dual-listed and CNH Industrial shares are traded in both New York and Milan. The company intends to achieve single listing by early 2024.
The dual listing was adopted in 2013, when US-listed Cnh Global NV merged with Milan-listed Fiat Industrial spa to form Cnh Industrial NV In January 2022, CnhI spun off its “On-Highway” businesses ” creating Iveco Group, a company listed exclusively in Milan. Since the spin-off, the majority of trading on the CnhI share has gradually moved to the Nyse, highlighting that the listing on the US markets is more in line with the company’s new business profile and with its investor base. «Concentrating trading in a single market – the company claims – will make it possible to improve the liquidity of the share and to pay more attention to investors, further simplifying the company’s structure and regulatory requirements. The company intends to achieve the single listing by the beginning of 2024. While. While our primary intention is to achieve the delisting from Euronext Milano without further corporate activities, there are alternative ways to achieve the same objective».
Looking at last year’s accounts, CNH Industrial closed 2022 with a profit of 2 billion dollars and revenues of 23.55 billion (+20.8%). The board proposes an annual dividend per share of 0.36 euros (about 0.38 dollars). For 2023, CnhI expects revenues from industrial activities to rise between 6% and 10% and a free cash flow between 1.3 and 1.5 billion dollars.
Given the positive results, CnhI will give the 5,000 employees of the group companies in Italy a bonus with average gross amounts between 1,150 and 1,900 euros gross. The values of the bonus, which will be paid out in the February payroll, are commensurate with the performance achieved by each individual production unit during 2022. The workers of the production sites in Jesi, Lecce, Modena and also non-related personnel will therefore receive the bonus to the production processes.