CNH Industrial N.V. and Iveco Group N.V. announce the final corporate activities related to the spin-off of CNH Industrial N.V.’s On-Highway business to Iveco Group N.V. (“the Demerger”), consummated on January 1, 2022.
As of 5:00 pm Eastern Time on June 24, 2022, a number of CNH Industrial shareholders entitled to receive Iveco Group N.V. common shares (representing slightly over 1% of issued Iveco Group capital stock), as a result of the Demerger, failed to provide the details of a securities account with an intermediary of Monte Titoli S.p.A., to which the Iveco Group common shares (listed on Euronext Milan and only capable of being held and settled within the systems of Monte Titoli S.p.A.) could be delivered (“the Relevant CNHI Shareholders”, and the Iveco Group N.V. common shares they are entitled to, “the Undelivered IVG Shares”).
Therefore, as per the Demerger documentation, Citigroup Global Markets Europe AG has been appointed to sell the Undelivered IVG Shares on Euronext Milan, in accordance with regulations and market practices. At the end of such sales the total proceeds (net of all transaction costs, including brokerage, administration and foreign exchange fees) will be credited to the Relevant CNHI Shareholders, which will receive their pro rata portion of such aggregate proceeds (in US dollars), either by check or by wire transfer, to the extent they have timely provided Computershare Trust Co N.A. (the transfer agent of CNH Industrial N.V.) with their bank account details and the relevant conditions are met. The exact payment dates cannot be confirmed at this stage; however, in case the Relevant CNHI Shareholders do not receive payment by July 31, 2022, they are kindly invited to contact Computershare Trust Co N.A.
Additional information about the announced activities (namely the allocation of Iveco Group common shares to CNH Industrial shareholders and the settlement of the Undelivered IVG Shares), is available on the corporate website of Iveco Group N.V.
SOURCE: CNH Industrial