THE billionaire Agnelli family’s CNH Industrial NV has ended talks to sell its Iveco truck and bus business to China FAW Group Co., a person familiar with the discussions said.

The Chinese automotive group hadn’t presented an acceptable offer for Iveco, the person said.

CNH had been holding talks with FAW since last year on a potential deal for Iveco. It already rejected an initial proposal from the Chinese company last year valuing the business at around 3 billion euros (US$3.6 billion), people with knowledge of the matter said in March.

Spokespeople for CNH and the Agnelli holding company, Exor NV, declined to comment.

CNH announced plans in 2019 to split its business making agricultural equipment from its commercial vehicle operations. Those efforts have been delayed by the coronavirus pandemic. The Italian Government had signaled that it would oppose the sale to FAW. Italy’s Economic Development Minister Giancarlo Giorgetti told lawmakers last month that the country needs to work out a “defense strategy” for Iveco.

A sale of one of Europe’s most iconic truckmakers could shake up the sector as well as potentially attract domestic criticism of the Agnelli family for selling one of its historical assets to a foreign buyer. (SD-Agencies)