Deals - Asia

Italy industry minister welcomes end of talks on CNH's Iveco sale to China's FAW

FILE PHOTO: An Iveco truck is seen at the IAA Commercial Vehicles trade show in Hanover, Germany, September 22, 2016. REUTERS/Fabian Bimmer/File Photo

ROME (Reuters) - Italian Industry Minister Giancarlo Giorgetti on Saturday welcomed the end of talks over the sale of truckmaker Iveco to Chinese firm FAW.

Iveco is part of CNH Industrial, which in turn is controlled by Exor, the holding company of Italy’s Agnelli family.

CNH said earlier on Saturday it had terminated discussions with FAW over the Iveco sale but was continuing to pursue a spinoff of the group in early 2022.

“The Italian government considers heavy trucks to be a strategic national interest,” said Giorgetti, whose rightist League party has always opposed the sale of Iveco to the Chinese.

He said in a statement that the government was ready to hold talks with CNH to keep production in Italy.

Reporting By Gavin Jones