Fitch Ratings assigns Iveco Group N.V. expected Long-Term Issuer
Default Rating of ‘BBB-(EXP)’
Advertisement: This announcement is an
advertisement for the purposes of Regulation (EU) 2017/1129, as
amended (the “Prospectus Regulation”) relating to the intention of
Iveco Group N.V. (the “Company”) to proceed with the proposed first
admission to listing and trading of all of the common shares of the
Company on the regulated market of Euronext Milan (the
“Admission”). This announcement does not constitute or form part of
a prospectus within the meaning of the Prospectus Regulation and
has not been reviewed nor approved by any regulatory or supervisory
authority in any jurisdiction, including any member state of the
European Economic Area (each, an “EEA Member”), the United Kingdom
and the United States. This announcement is for information
purposes only and is not intended to constitute, and should not be
construed as, an offer by or invitation by or on behalf of, the
Company, CNH Industrial N.V (“CNH Industrial”), any of their
advisors or any representative of the Company or CNH Industrial or
any of their advisors, to purchase any securities or an offer to
sell or issue, or the solicitation to buy securities by any person
in any jurisdiction, including any EEA Member, the United Kingdom
or the United States.
A prospectus has been prepared by the Company in
connection with the Admission in the context of the intended
separation of the relevant business segments from CNH Industrial to
the Company by way of a Dutch law statutory demerger (afsplitsing)
(the “Demerger”), which prospectus was approved by the Netherlands
Authority for the Financial Markets (Autoriteit Financiële Markten,
the “AFM”) on November 11, 2021 (the “Prospectus”). Potential
investors should read the Prospectus before making an investment
decision in order to fully understand the potential risks and
rewards associated with the decision to invest in the shares in the
Company. The approval of the Prospectus by the AFM should not be
understood as an endorsement of the quality of the shares in the
Company or the Company. Additionally, the Prospectus may be amended
or supplemented prior to the date of Admission in relation to,
amongst other things, any significant new factors which may have
arisen after the date of publication of the Prospectus. A copy of
the Prospectus is available on the website of the Company
(www.ivecogroup.com/investor_relations/demerger_documents).
Fitch Ratings
assigns Iveco Group
N.V. expected Long-Term
Issuer Default Rating of ‘BBB-(EXP)’
Turin, December 9, 2021
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI)
announces that on December 9, 2021, Fitch Ratings assigned Iveco
Group N.V. an expected Long-Term Issuer Default Rating (IDR) of
‘BBB-(EXP)’. The Outlook is Stable.
CNH Industrial
N.V. (NYSE: CNHI / MI: CNHI) is a global leader in
the capital goods sector with established industrial experience, a
wide range of products and a worldwide presence. Each of the
individual brands belonging to the Company is a major international
force in its specific industrial sector: Case IH, New Holland
Agriculture and Steyr for tractors and agricultural machinery; Case
and New Holland Construction for earth moving equipment; Iveco for
commercial vehicles; Iveco Bus and Heuliez Bus for buses and
coaches; Iveco Astra for quarry and construction vehicles; Magirus
for firefighting vehicles; Iveco Defence Vehicles for defence and
civil protection; and FPT Industrial for engines and transmissions.
More information can be found on the corporate website:
www.cnhindustrial.com
Iveco Group, after the
completion of the demerger announced on November 11, 2021 (and
expected to be consummated on December 31, 2021), will be the
parent company of the trucks and specialty vehicles, powertrain and
related financial services businesses currently held by CNH
Industrial. Iveco Group will therefore own and operate eight
unique, yet unified commercial brands: IVECO, a pioneering champion
that designs, manufactures and commercializes heavy, medium and
light duty commercial vehicles; FPT Industrial, a global leader in
providing its vast array of advanced powertrain technologies to
customers in agriculture, construction, marine, power generation,
and commercial vehicles alike; IVECO BUS and HEULIEZ, premium and
mass-transit bus and coach brands; Iveco Defence Vehicles, for
highly-specialized defence and civil protection equipment; ASTRA, a
global expert in large scale heavy duty quarry and construction
vehicles; Magirus, the industry-reputed firefighting vehicle and
equipment manufacturer; and IVECO CAPITAL, the financing arm which
supports them all, serving as the cornerstone of Iveco Group’s new
business models. Further information about Iveco Group are
available on the company’s website www.ivecogroup.com
Media
contacts: E-mail:
mediarelations@cnhind.comFrancesco Polsinelli, Tel: +39 335
1776091Fabio Lepore, Tel: +39 335 7469007
Investor contactsE-mail:
investor.relations@cnhind.com Federico Donati, Tel: +44 207 7660
386
Risk Factors Investing in the
Company involves certain risks. A description of these risks, which
include risks relating to the Company as well as risks relating to
the Demerger and the Common Shares (and Special Voting Shares) is
included in the Prospectus. Potential investors should read the
Prospectus before making an investment decision in order to fully
understand the potential risks and rewards associated with the
decision to invest in the Shares.
Earlier announcements related to the
Demerger and Admission On September 3, 2019, CNH
Industrial announced the intention to separate the relevant
business segments of the Company’s from CNH Industrial and to admit
the Company’s shares to listing and trading on a regulated market.
On June 11, 2021 and on July 5, 2021, CNH Industrial announced
management changes for the Company in view of the Demerger and
Admission. On October 18, 2021, CNH Industrial further announced
that an Investor Day in respect of Iveco Group, ahead of the
Demerger and Admission, is to be held on November 18, 2021. On
November 11, 2021 CNH Industrial announced the approval of the
Prospectus by the AFM and calling of the EGM in relation to the
Demerger and the Company announced the publication of the
Prospectus. These press releases are available on the corporate
website of CNH Industrial
(www.cnhindustrial.com/en-us/investor_relations).
DISCLAIMER
This announcement does not constitute a
prospectus within the meaning of Regulation (EU) 2017/1129 of the
European Parliament and of the Council of June 14, 2017 (the
“Prospectus Regulation”), and shares in Iveco Group N.V. (the
“Company”) will be distributed in circumstances that do not
constitute “an offer to the public” within the meaning of the
Prospectus Regulation. This announcement is not intended for
distribution in jurisdictions that require prior regulatory review
and authorization to distribute an announcement of this nature.
The release, publication or distribution of this
announcement in certain jurisdictions may be restricted by law and
therefore persons in such jurisdictions into which they are
released, published or distributed, should inform themselves about,
and observe, such restrictions. This announcement is not for
release, publication or distribution in whole or in part, directly
or indirectly, in or into any jurisdiction in violation of the
relevant laws of such jurisdiction.
This announcement is an advertisement and not a
prospectus within the meaning of the Prospectus Regulation. With
respect to the member States of the European Economic Area, no
action has been undertaken or will be undertaken to make an offer
to the public of the securities referred to herein requiring a
publication of a prospectus in any relevant member State. As a
result, the securities may not and will not be offered in any
relevant member State except pursuant to a prospectus approved by
the relevant market authorities in that member State or in
accordance with the exemptions set forth in Article 3(2) of the
Prospectus Regulation, if they have been implemented in that
relevant member State, or under any other circumstances which do
not require the publication of a prospectus pursuant to Article 3
of the Prospectus Regulation and/or to applicable regulations of
that relevant member State. Additionally, the prospectus prepared
by the Company in relation to the Demerger (as defined in this
announcement) and Admission (as defined in this announcement) may
be amended or supplemented prior to the date of Admission in
relation to, amongst other things, any significant new factors
which may have arisen after the date of publication of the
Prospectus.
This announcement is not intended to constitute,
and should not be construed as, an offer by or invitation by or on
behalf of, the Company, CNH Industrial N.V. (“CNH Industrial”), any
of their advisors or any representative of the Company or CNH
Industrial or any of their advisors, to purchase any securities or
an offer to sell or issue, or the solicitation to buy securities by
any person in any jurisdiction, including any EEA Member, the
United Kingdom or the United States.
The securities referred to herein may not be
offered or sold in the United States of America absent registration
or an applicable exemption from registration under the U.S.
Securities Act of 1933, as amended. The Company and CNH Industrial
do not intend to register all or any portion of the offering of the
securities in the United States of America or to conduct a public
offering of the securities in the United States of America.
This announcement does not constitute an offer
of securities to the public in the United Kingdom. This
announcement is being distributed to and is directed only at (i)
persons who are outside the United Kingdom or (ii) persons who are
investment professionals within the meaning of Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (the “Order”) and (iii) high net worth entities, and other
persons to whom it may lawfully be communicated, falling within
Article 49(2)(a) to (d) of the Order (all such persons together
being referred to as “Relevant Persons”). Any investment activity
to which this announcement relates will only be available to and
will only be engaged with, Relevant Persons. Any person who is not
a Relevant Person should not act or rely on this document or any of
its contents.
This announcement may include statements,
including with respect to CNH Industrial’s and the Company’s
financial condition, results of operations, business, strategy,
plans and outlook, including the impact of certain transactions.
These forward-looking statements can be identified by the use of
forward-looking terminology, including the terms “believes”,
“estimates”, “anticipates”, “expects”, “intends”, “plans”,
“targets”, “may”, “will” or “should” or, in each case, their
negative or other variations or comparable terminology. These
forward-looking statements are made as of the date of this
announcement. Although CNH Industrial and the Company believe that
such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance. By their nature, forward-looking statements involve
risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Such
forward-looking statements are included for illustrative purposes
only. Actual results may differ materially from the forward-looking
statements as a result of a number of risks and uncertainties, many
of which are outside CNH Industrial and the Company’s control.
CNH Industrial and the Company expressly
disclaim any intention or obligation to provide, update or revise
any forward-looking statements in this announcement to reflect any
change in expectations or any change in events, conditions or
circumstances on which these forward-looking statements are
based.
The price and value of securities may go up as
well as down. Persons needing advice should contact a professional
adviser. Information in this announcement or any of the documents
relating to the Admission and the Demerger cannot be relied upon as
a guide to future performance. The Company may decide not to go
ahead with the Admission and CNH Industrial may decide not to go
ahead with the Demerger and there is therefore no guarantee that
the Admission and the Demerger will occur. You should not base your
financial decision on this announcement. Acquiring investments to
which this announcement relates may expose an investor to a
significant risk of losing all of the amount invested.
- 20211209_PR_CNH_Industrial_Iveco_Group_Fitch
- 20211209_CS_CNH_Industrial_Iveco_Group_Fitch
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