CNH Industrial delisting from Milan stock market
07 November 2023
CNH Industrial N.V has announced that its Board of Directors has approved an application to delist its ordinary shares from Euronext Milan in Italy and focus on the New York Stock Exchange (NYSE).
According to the company, the decision to delist from Euronext Milan and concentrate its listing on NYSE was taken “following a careful review of the relative trading volumes on the two exchanges.”
In January 2022 CNH Industrial and its former commercial vehicle business IVECO became separate businesses. Since then, the majority of CNH stock trading has progressively shifted to the NYSE, with the company believing that its business profile and investor base fit better with a single US listing.
CNH Industrial has a number of brands, including New Holland Construction and Case Construction Equipment. Sales for the company increased year-over-year in 2022 by 21% to US$21.5 billion.
CNH Industrial has approved a new share buyback program worth up to US$1 billion as part of its plan to pursue single-listing in New York.
Delisting from Euronext Milan would take effect no earlier than 45 days after the publication by Borsa Italiana of its notice arranging for delisting and a single listing on the NYSE will likely be effective at the beginning of January 2024.