Spinoff Report
New Spin: Further Value Creation from the Family Behind Ferrari Break-Up
The Agnelli family is at it again with the break-up of CNH Industrial NV (CNHI IM), Spinning off its trucks, buses and powertrain businesses into a separately listed entity. Previous Spinoffs instigated by the Agnelli family (through their investment vehicle Exor NV) include the Fiat SpA / Fiat Industrial and Fiat Chrysler / Ferrari situations, which have created value for shareholders over time. This split is CNHI's next step to adapt in a rapidly changing auto industry.

  • CNHI IM to Separate Its Trucks, Buses & Powertrain Operations from Its Agriculture & Construction Businesses
  • Agnelli Family (Through Exor NV) Also Owns Controlling Stakes in Fiat Chrysler (FCA IM) & Ferrari NV (RACE IM)
  • Revenue Split: 45.7% Parent (Agriculture & Construction) / 48.2% Spin (Trucks, Buses & Powertrain)
  • Financial Services Segment (6.2% of Revenue) Currently Unknown if Retained by the Parent Post-Spin
  • Spinoff Expected in 1H 2021 / CNHI IM Enters the Upcoming EUR Spinoffs Calendar
To continue reading this article and to gain access to other
proprietary research please subscribe to :
Spinoff Report
Institutional Investors:
To subscribe please call us:    USA: +1 (973) 867 7760    UK: +44 (0) 845 459 7103
or click to subscribe to Edge research
Individual Investors:
Click to subscribe to Spinoff Report Lite
To discuss any upcoming notes or for any urgent
assistance, please contact Jonathan Morgan
+44 (0) 845 459 7103