Iveco Group shares rose by over 3% on Friday after reports emerged of increased takeover interest in its military division Iveco Defense Vehicles (IDV).
According to media reports, Czechoslovak Group (CSG), a Czech industrial holding company, has made a preliminary offer for IDV. Sources familiar with the matter believe that this offer could exceed the €1.5 billion valuation underlying a rival bid from a joint venture between Italy's Leonardo and Germany's Rheinmetall (ETR: RHMG ).
Interest in IDV appears to be widespread. Spain's Indra and private equity firms Bain Capital and KPS Capital Partners have also reportedly made contact.
Market sentiment rose amid speculation that Indra might coordinate its efforts with the Leonardo consortium.
The bidding activity is seen as a strong endorsement of IDV's value and growth potential.
