CNH Industrial plans to exit the Milan Stock Exchange in early 2024
The group said its main plan is to achieve an outright delisting of Milan and to do so by early 2024, but did not rule out other avenues to achieve the same goal, including a reorganisation. of the company.
“Concentrating the changes into a single March will increase liquidity and investor concentration, while further simplifying the company profile and compliance requirements,” the company said in a statement.
Shares fell on the news and fell 2% at 1138 GMT, underperforming a 0.8% rise in the Italian blue chip index before regaining some lost ground.
Milan saw a corporate exodus from its march last year, a trend lawmakers and regulators would like to reverse.
Among the companies that left the 200-year-old Borsa Italiana last year was Exor itself, while road and airport operator Atlantia left after a takeover.
the separation of its manufacturing business Since Iveco Group trucks last year, most of CNH’s stock trading has shifted to New York, showing that the group’s new business profile and investor base are adapting better a single listing in the United States, he said.
The chief executive of Exor, CNH’s parent company, said last November that the move from a dual listing to a single listing for CNH Industrial did not mean privatizing the company.
CNH Industrial, which has had a dual listing for the past decade, said Goldman Sachs was acting as financial adviser for the delisting.
The group is due to release its fourth quarter results later today.