Press release
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december 23, 2021 - CNH Industrial
Demerger of Iveco Group and Directors Appointment approved by CNH Industrial shareholders: Demerger expected to be effective on January 1, 2022
London, December 23, 2021
CNH Industrial N.V. (“CNHI”) (NYSE: CNH / MTA: CNH) announces that its shareholders’ meeting, held today, approved the proposal to allow the demerger of #Iveco Group business from #cnhindustrial. This proposal was approved by an overwhelming majority (with more than 99% of the votes cast in favor of the transaction).
Following today’s approval by shareholders and receipt of the final regulatory clearances over the course of the current month, #cnhindustrial expects to complete the demerger on December 31, with the effective date on January 1, 2022.
Admission to listing and to trading of #Iveco Group N.V. common shares on Euronext Milan will be subject to further announcements.
CNH Industrial shareholders are entitled to receive one #Iveco Group common share for every five #cnhindustrial common shares held at close of business on the record date for allocation, January 4, 2022. The outstanding #cnhindustrial common shares will be quoted ex-allocation from January 3, 2022 on both Euronext Milan and NYSE. Additional details regarding the settlement mechanics related to the allotment of the #Iveco Group shares can be found at: www.cnhindustrial.com/en-us/investor_relations/Pages/demerger_documents.aspx
Today the shareholders of #cnhindustrial also approved the appointment of two new non- executive directors, Ms. Catia Bastioli and Ms. Åsa Tamsons, who will replace Mr. Tufan Erginbilgic and Mr. Lorenzo Simonelli (who, in turn, will join #Iveco Group N.V. board of directors upon consummation of the demerger). Details of all matters approved today by the Company’s shareholders and voting results are available on the Company's website (www.cnhindustrial.com).
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