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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
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