Investing.com -- Shares of Iveco Group rose over 3% on Friday following reports of heightened takeover interest in its military division, Iveco Defence Vehicles (IDV).
According to media reports, Czechoslovak Group (CSG), a Czech industrial holding company, has made a preliminary bid for IDV. Sources familiar with the matter suggest this offer could exceed the €1.5 billion valuation underpinning a rival proposal from a joint venture involving Italy’s Leonardo and Germany’s Rheinmetall (ETR: RHMG ).
Interest in IDV appears broad-based. Spain’s Indra and private equity firms Bain Capital and KPS Capital Partners have also reportedly made approaches.
Amid speculation that Indra may align its efforts with the Leonardo consortium, market sentiment turned bullish.
The bidding activity is being viewed as a strong endorsement of IDV’s value and growth potential.