CNH INDUSTRIAL TO DELIST FROM EURONEXT MILAN AND RETAIN A SINGLE LISTING ON THE NEW YORK STOCK EXCHANGE
London, February 2, 2023
CNH Industrial today announces that, after due consideration and analysis, the Company’s management and Board of Directors have determined that shareholders of CNH Industrial will be best served by a single stock listing on the NYSE. Today, the Company has a dual listing, with shares traded in both New York and Milan.
The dual listing was adopted in 2013, when US-listed CNH Global N.V. merged with Milan-listed Fiat Industrial SpA to form CNH Industrial N.V. In January 2022, CNH Industrial N.V. spun off its On-Highway activities creating Iveco Group, a company that is listed solely in Milan. Since the spin-off, the majority of CNH Industrial stock trading has progressively shifted to the NYSE, revealing that the Company’s new business profile and investor base fit better with a single US listing. Concentrating trading in one market will allow for increased liquidity and investor focus, while further simplifying the company profile and compliance requirements.
CNH Industrial has informed Borsa Italiana Euronext about its intention to leave the European listing.
CNH Industrial is monitoring the ongoing initiatives of harmonization and simplification of the legal and regulatory framework of the Italian financial system that could allow a smooth transition to a single listing on the NYSE in the near future.
The Company intends to achieve single listing by early 2024. While our primary path is a plain delisting from Milan, alternatives involving a corporate reorganization are available to achieve the same goal. CNH Industrial’s Board of Directors and Management Team are grateful to Euronext Milan for having been our listing venue for 10 years and are excited about the Company’s continued presence on the NYSE.
Goldman Sachs & Co. LLC is acting as financial advisor to CNH Industrial.