Iveco Falls on Debut After Split to Navigate Truck Shift
- Manufacturer declines as much as 11% after spinoff from CNH
- Iveco follows Daimler to better confront technology shifts
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CNH Industrial NV’s truck and bus division Iveco Group NV declined during its first day of trading that valued the company at about 3.9 billion euros ($4.4 billion), weeks after a similar move by Daimler AG’s truck unit to better face the industry’s deep technology shifts.
Iveco slumped as much as 11% to 9.99 euros a share Monday in Milan following the spinoff from CNH, after initially rising slightly above the opening price of 11.26 a share. Controlled by Italy’s billionaire Agnelli family, CNH aims to extract more value from separated agricultural equipment brands like New Holland and commercial vehicles as the sector seeks to cut emissions.