Iveco shot, the Defense Division has a throat to the massive Europeans | EUROtoday

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(Il Sole 24 Ore Radiocor) – The dispute between European giants for the protection division of Iveco places the wings to the title of the group that stands on the high of the Ftse Mib. Instead weak Leonardo who’s talked about as a speculation by way of JV with Rheinmetall.

Iveco Defense Vehicles (Idv), in accordance with the Corriere della Serawould have entered the radar of the nice producers of European armaments. It is KNDS (Franco-German alliance), who would have made a primary survey however for the time being seems politically and industrially not very practicable; of CECO CSG group, already current in Italy (it has 80% of the Brescia weapons Perazzi); and ofEnglish Bae Systems who has two collaborations with Leonardo (shareholder of the Mbda missile producer and GCAP companions for sixth technology looking). The possibility is cited within the background Leonardo, who might intervene by way of the new child Joint Venture With the German Rheinmetall, within the mild of the maxi saleswoman obtained by the Italian authorities to supply army automobiles and during which Idv will take part with a share of 12-15%. But “it remains to be overcome the slide of the price”.

In February Iveco began the method of Scorpor of Defense who sees the itemizing on the inventory alternate among the many situations and the conclusion of the operation by the tip of 2025. From an industrial standpoint, in accordance with Intermonte, the names talked about within the article “make sense as they operate in the military field, but every judgment will have to take into account the political aspect which at this moment appears particularly delicate, sensitive and not ideal for at least two players on the three cited (KNNS and CSG) ». For analysts, the JV between Leonardo and Rheinmetall is “nonetheless probably the most credible participant” to detect the Defense division. Also for Equita the Leonardo option remains “the most definitely in that welcome by the Italian authorities (due to this fact not risking the train of the Golden Power) and permitting to take advantage of synergies from an industrial standpoint ».

For the group led by Roberto Cingolani, “the deal could prove dearly, but the financial effort would be shared with Rheinmetall and we believe it is justifiable by industrial synergies”, writes the SIM which confirms Hold and Target Price suggestion to 46.5 euros. For Iveco «We verify that the spin-off/sale of IDV represents a optimistic catalyst». Equita’s suggestion is “buy” with goal worth for 17 euros, whereas the Intermonte’s is “neutral” with a worth for 15.4 euros.