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Bloomberg
Elliott Management Corp has built a stake in CNH Industrial NV in a bid for constructive engagement with the truck and tractor maker controlled by Italy’s Agnelli family, according to people familiar with the matter.
Elliott, run by billionaire Paul Singer, sees value-creation potential in CNH’s plan to separate the Iveco truck business from its more profitable agricultural machine unit, the people said.
The US activist investor, known for its shareholder battles at companies like Telecom Italia SpA and AT&T Inc, bought below 3 percent of CNH earlier this year, according to the people, who asked not to be named because the holding isn’t public.
The stake is valued at around 400 million euros ($440 million) at current market prices.
CNH rose as much as 3.8 percent in Milan and traded up 0.5 percent, at 10.23 euros, at 4:41 pm local time.
The investment firm has held constructive talks with CNH’s management and its main shareholder, the people said.
Representatives for CNH and Elliott declined to comment.