CNH Industrial announced that the extraordinary shareholders’ meeting of Cnh has approved the proposed demerger of Iveco Group NV (and related businesses) from CNH Industrial. Proposal approved by a very large majority, with 99% of the votes in favor of the operation. The market welcomes the news, in fact the stock is among the most bought on the list, currently up by 3% to € 16.71.
CNH expects to complete the demerger on December 31, 2021 with effect from January 1, 2022. From January 3, 2022, CNH Industrial ordinary shares will be traded on both the NYSE and Euronext Milan ex-assignment of Iveco Group ordinary shares.
CNH Industrial shareholders have the right to receive one Iveco Group ordinary share for every five Cnh Industrial ordinary shares held at the close of the record date for the purpose of assigning the shares, scheduled for January 4, 2022.
Today’s shareholders’ meeting also approved the appointment of two non-executive directors, Catia Bastioli and Åsa Tamsons, who will replace Tufan Erginbilgic and Lorenzo Simonelli (who, in turn, will become members of the board of directors of Iveco Group NV in starting from the effective date of the demerger).