Iveco CEO denies Daimler takeover bid rumours
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By Andy Salter IVECO CEO Alfredo Altavilla has denied persistent rumours that Daimler is poised to make a bid for the Italian truck builder.
Speaking at the launch of the new Daily, Altavilla expressed his concern that analysts continue to speculate on a potential takeover, as it can damage the position of the irm. “It’s why we react strongly to this question when it is raised,” he told CM. “It’s just not true.” Iveco is now part of the giant Fiat Industrial division, which includes construction and agricultural machinery manufacturer CNH and engine business FPT.
This division, says Altavilla, has a strong portfolio. “The analysts fail to recognise how strong this group is and how each part is strongly dependent on the others for the economies they bring.” Although Altavilla was clear that Iveco is not a takeover target, he recognised the need for further consolidation in the number of European truck manufacturers: “There has to be more consolidation in the market in order to deliver suficient margins,” he said.
“It has already happened in the agricultural sector where there are now two giant tractor builders, and one slightly smaller one. The market there is now sustainable.”