Report
Exor Tata Motors To Buy Italy's Iveco From Exor
Exor has finalized the sale of Iveco Group's commercial vehicle business to Tata Motors for €3.8bn and its defence unit (IDV) to Leonardo for €1.7bn, totaling €5.5bn. Exor, holding a 27.1% stake with 43.1% voting rights, will transfer its stake to Tata, which will launch a tender offer at €14.1 per share. The deal excludes IDV, aligning with Exor's strategy to diversify away from automotive. Exor's stake is currently valued at ~€1.33bn or 3.6% of NAV. Exor trades at a 52.3% discount to NAV, above the two-year average of 47.0%. The proceeds will enhance Exor's liquidity, likely supporting buybacks or dividends to boost shareholder value. We maintain our BUY rating with a €120 target price.
Underlying
EXOR N.V.
Provider
KBC Securities
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Livio Luyten
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