With Iveco Defence up for sale, Italy may lose a key military supplier
ROME — Prospective buyers are lining up to acquire Iveco Defence Vehicles - Italy's biggest military vehicle maker - and the Italian government may struggle to stop it being sold overseas, a source has told Defense News.
The chief supplier of fighting vehicles to the Italian army, IDV could be sold by year's end by its parent company Iveco, which is owned by the Exor Group, which is the largest shareholder in car maker Stellantis and controlled by the Italian Agnelli family.
On May 15 Iveco said IDV would be spun off this year, with a possible sale to follow.
'By the end of the year the spin-off will start and in the meantime offers to buy the firm will be evaluated,' said a spokesperson.
'We have had preliminary offers from various strategic players,' said CFO Anna Tanganelli.
Last year IDV saw revenue rise by 15% to €1.1 billion ($1.3 billion) as land-warfare budgets grow around the world in response to the Ukraine war.
One firm has publicly thrown its hat in the ring to date. On May 8, the CEO of Italian defense giant Leonardo, Roberto Cingolani, said Leonardo had put in a joint offer with Germany's Rheinmetall.
Leonardo and Rheinmetall are already in business with a joint venture announced last year to build 1,050 new infantry fighting vehicles for the Italian army based on the Rheinmetall Lynx and 132 tanks based on Rheinmetall's under-development Panther KF51.
IDV also has a slice of the huge Italian vehicle order. In December it said it had signed a deal with Leonardo to take 12-15% of the development and production work on the deal, which has been valued at €23 billion.
Leonardo and IDV already had a longstanding joint venture in place, called CIO, which builds VBM wheeled fighting vehicles and wheeled Centauro tanks for the Italian army.
An industrial source said Leonardo offered to buy IDV for €750 million last year but was turned down. 'They could have had it if they'd offered a billion, but they didn't,' said the source.
Meanwhile, numerous firms from around the world are reportedly ready to put in offers for IDV, with Spanish media suggesting Spain's Indra is ready to pay €1 billion, while U.S. funds and French-German consortium KNDS also reportedly keen.
BAE Systems will be seen as possible bidder after it announced on Thursday a partnership between BAE Systems Hägglunds and IDV to offer its BvS10 all-terrain vehicle to the Italian army, with design and manufacturing to happen in Italy.
BAE already builds amphibious vehicles with IDV for the U.S. Marines.
The industrial source said however that given IDV's ties to the Italian military and to Leonardo, there would be reluctance to see it sold to an overseas buyer.
'The Italian army and members of the government would like IDV to stay Italian,' said the source, who spoke on condition of anonymity to discuss internal deliberations.
But Cingolani has suggested Leonardo will be reluctant to pay top dollar just to keep IDV Italian, and Exor will likely be seeking maximum profit on the sale of a firm which is flush with work, knowing the firms outside Europe are increasingly interested in buying EU businesses as the bloc builds up its defense war chest.
One solution being touted in the Italian media is that the Italian government use its so-called 'Golden Power' law, which can be used to control or block the sale of strategic Italian firms.
But an Italian expert on the law said it might not be applicable in the case of IDV.
'The law is usually used to impose conditions for a new buyer, as occurred when GE bought Italian firm Avio Aero, or to stop a purchase by a buyer considered potentially hostile. But there has never been a case when it was used to exclude one or more bidders in a group of bidders,' said the source, who declined to be named.
'If the Italian government, which has a controlling stake in Leonardo, blocks a sale to Indra for example, could that be legally challenged as market interference? Indra is not China,' said the source.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
an hour ago
- Miami Herald
Giant Banner of Jeff Bezos' Face Unveiled by Protesters in Venice
With only a few days to go before Jeff Bezos' lavish wedding to former television journalist Lauren Sanchez, protests continue in the Italian city that the billionaire has chosen for the ceremony. Activists from the international environmental group Greenpeace and campaign group Everyone Hates Elon unfurled a giant banner on Monday in Venice's St. Mark's Square, calling for Bezos to pay higher taxes. "If you can rent Venice for your wedding, you can pay more tax," the 65x65 inches banner featuring a giant smiling Bezos reads. As soon as Venice's mayor, Luigi Brugnaro, confirmed in March that Bezos wanted to celebrate his nuptials in the city, anger has been boiling among many residents over the Amazon founder taking over their home. The three-day celebration, scheduled for later this week, is expected to have famous guests, including Oprah Winfrey, Mick Jagger and Ivanka Trump. While not many details of the event have been shared with the public for security reasons, the wedding will take over the entire island of San Giorgio, located opposite St. Mark's Square, blocking parts of the city to both locals and tourists. Not only will residents have to plan their routes around the restrictions caused by the wedding, but they will also likely find that most of the city's water taxis have already been booked by Bezos and his guests. Part of the port of Venice, on the other hand, will be occupied by Bezos' super yacht, which will be docked there during the dayslong event. While city and regional authorities who greenlit the wedding said that the event will bring prestige and wealth to the city, residents already struggling with overtourism and the rising costs of housing are skeptical. "Life is getting increasingly difficult in Venice," Marta Sottoriva, an activist with the group 'No Space for Bezos,'" previously told Newsweek. "Of course, part of the city is in favor [of the wedding]. It's the part that has something to gain from it, but we're talking about a small percentage. Luxury hotel owners, taxi drivers, catering agencies," she said. However, many Venetians are tired of these large-scale events, which "block the city" for residents, Sottoriva said. "There's a feeling spreading among citizens, we don't believe that these big events bring money to the city anymore. It's linked to an economy that is becoming increasingly precarious, tied to tourism," she said. Protesters in Venice, who plan to disrupt the wedding by jumping into the canal's waters this weekend, said that their anger is not directed at the wedding itself, but rather at the groom. "Jeff Bezos is not a superstar, not a Hollywood actor, not a sports champion," Sottoriva said, mentioning actor George Clooney's wedding in Venice in 2014, which was well-received by locals. "He's the third-richest man in the world, who's built his wealth by exploiting workers and resources." "He's the same person who stood next to Trump during his inauguration ceremony, together with many other oligarchs he hasn't hesitated to change his company's entire branding to get onboard with this totalitarian turn," she added. "It's a protest against Bezos, he's not welcome in Venice." The new banner revealed on Monday in St. Mark's Square focuses on Bezos' enormous wealth, which protesters said should be taxed more than it currently is. "As governments talk about hard choices and struggle to fund public services, Jeff Bezos can afford to shut down half a city for days on end just to get married. Just weeks ago, he spent millions on an 11-minute space trip. If there was ever a sign billionaires like Bezos should pay wealth taxes, it's this," a spokesperson from Everyone Hates Elon said in a statement shared with Newsweek. "While ordinary people struggle to pay the bills, there are more billionaires than ever before. These two things are obviously connected—they're getting richer at our expense. It's not rocket science: tax billionaires like Jeff Bezos now." Bezos is the second-richest person in the world, after Elon Musk, but he reportedly pays a 1.1 percent true tax rate, according to ProPublica. His wedding in Venice has been estimated to cost between $15 million and $20 million, according to the Mail Online, while Sanchez's wedding ring alone is worth as much as $5 million. There is also an environmental factor at play: it is no secret that Venice is sinking, and the city's future is under threat from climate change and human activity. According to Royal Museums Greenwich, the city is currently sinking by 1mm (0.04 inches) a year due to natural processes, while sea level rise is accelerating due to global warming. Venice has recently banned big cruise ships from docking. Bezos' wedding splurge is seen as unnecessary and harmful by protesters. "While Venice is sinking under the weight of the climate crisis, billionaires are partying like there is no tomorrow on their mega yachts," Clara Thompson, a Greenpeace campaigner, said in a statement shared with Newsweek. "This isn't just about one person—it's about changing the rules so no billionaire can dodge responsibility, anywhere. The real issue is a broken system that lets billionaires skip out on taxes while everyone else is left to foot the bill. That's why we need fair, inclusive rules, and they must be written at the UN." Related Articles Jeff Bezos Wedding Under Threat From Angry ItaliansSlate Confirms $700 Million in Funding, Bezos InvestmentJeff Bezos May Sell up to 25M Amazon SharesJames Clyburn Takes a Swipe at Washington Post, CBS for Caving to Trump 2025 NEWSWEEK DIGITAL LLC.
Time Business News
2 hours ago
- Time Business News
Google Places API: The Secret Weapon for Extracting Accurate Restaurant Listings
Whether you're a restaurant owner, a food delivery platform, or a dining recommendation app, having access to precise, up-to-date restaurant listings data can help you understand the nearby competition and uncover investment opportunities. Web scraping and APIs are the most popular methods of extracting the restaurant listings data in a properly formatted way. In this context, Google Places API (new) is the best tool for extracting accurate restaurant listings. The Places API lets users extract restaurant listings data via HTTP requests. The Places API (New) is a service by Google Maps that provides location data (exact coordinates and address), images about points of interest (POIs), and other listed data via HTTP requests. It means that businesses can use the Google Places API to find nearby locations, their posted photos, operating hours, and user reviews. The API provides critical data points for restaurant listings, including: Complete address information with both standard and short-formatted options Business hours, including regular and secondary hours (perfect for delivery or drive-through times) Phone numbers and contact details User ratings and reviews High-quality photos of the establishment, food, and ambiance Price level indicators Payment options (credit card, debit card, cash only, NFC payments) Parking availability (free lots, street parking, valet options) The Places API includes the following APIs: The Place Details API in Google Places API returns details like restaurant address, contact details, user ratings, and reviews. There are particular ways to obtain a restaurant's place ID. You can use: Text Search (New) Nearby Search (New) Geocoding API Routes API Address Validation API Autocomplete (New) Place Photos API brings high-quality photographic content stored in the Google Places database. You can obtain the photo resource name by including the photos field in the field mask of the request by using: Place Details, Text Search, or Nearby Search. Text Search API from Google Places API allows searching for restaurants using natural language queries. How can restaurants use it? Find restaurants with queries like: Best Italian restaurants in Alberta Vegan-friendly restaurants near me A restaurant with outdoor seating in downtown The Nearby Search API finds restaurants within a specific geographic area. Restaurants can use this API to discover restaurants in their neighborhood to analyze competitor density in their area. The API can help restaurants find complementary businesses near their location for potential partnerships. Google Places API can help restaurant businesses in their competitive intelligence and location intelligence endeavors. Google Places API can deliver restaurant information via HTTP requests. The Places API offers multiple search methods for restaurant discovery in any location. Text Search: Users can find restaurants using natural language queries like 'Spicy Vegetarian Restaurant in Chicago' or 'Fine seafood dining near Boston.' Users can find restaurants using natural language queries like 'Spicy Vegetarian Restaurant in Chicago' or 'Fine seafood dining near Boston.' Nearby Search: Users can use the Google Places API to find restaurants in a specific radius Restaurant businesses that want to learn more about competitor restaurants in their area of operation can use the Google Places API to uncover various facts and attributes about the competitor restaurants, like: Live music offerings Outdoor seating availability Children's menu availability Cocktail service Dessert options Coffee service Child-friendliness rating Dog policy Restroom availability Group accommodation Sports viewing suitability For diners with accessibility needs, the API provides crucial information: Wheelchair-accessible parking, entrance & restrooms One of the most powerful features is that the API can synthesize information about restaurants: Menu highlights from customer reviews Restaurant atmosphere and ambiance descriptions Digestible summaries of customer experiences Neighborhood overviews highlighting popular dining options Google Places API is extremely helpful in the restaurant industry's competitive analysis. Any new entrants in the industry or restaurant chains planning to expand into areas can use the Places API to find restaurants existing in a vicinity. They can also check what type of services these existing players offer, like outdoor seating, garden seating, rooftop seating, vegan foods, etc. Reading review summaries from the Places API helps in understanding customer preferences and competitors' current strengths and service gaps. Google Places API is a saviour for businesses that find it difficult to research the perfect location for their new restaurants. From the Places API, restaurants can identify nearby competition, areas with parking facilities, restaurant density in a neighborhood, and areas with nearby attractions like amusement parks, business hubs, tourist places, etc.( places conducive for restaurant opening). For restaurant chains and investors, the Places API offers decision support for investments. The Google Places API can be used to identify areas with low restaurant density or areas where a particular type of restaurant is not available. For example, in a separate demographics study of a population in a particular area, it is revealed that half of the population is vegan due to a popular community's influence. In those areas, if you find there are only one or two vegan restaurants, then it can be a great investment opportunity for the particular cuisine. Google Places API can be used to match demographics with underserved cuisines. To maximize the value of the Google Places API for restaurant applications, you need to implement it the right way. Below are some key considerations for implementing the Google Places API correctly. API Key Management: Set up proper authentication and manage API usage to control costs. Search Optimization: Refine search parameters to return the most relevant restaurant results. Data Integration: Seamlessly incorporate Places API data into your existing platforms and databases. User Experience Design: Create intuitive interfaces that leverage the rich data available through the API. Compliance Considerations: Ensure proper attribution and compliance with Google's terms of service. If you are not tech-savvy and need help with Places API implementation, take help from a professional web scraping services provider like Scraping Intelligence. Scraping Intelligence provides crucial support for restaurant businesses seeking to implement the Google Places APIs flawlessly and avoid common API implementation pitfalls like exceeding rate limits, missing critical data points, or inefficiently structuring API requests. TIME BUSINESS NEWS
Boston Globe
2 hours ago
- Boston Globe
Greenpeace joins anti-Bezos protest with Venice banner complaining about billionaire tax breaks
The 'No Space for Bezos' movement — a play on words also referring to the bride's recent space flight — has united a dozen Venetian organizations including housing advocates, anti-cruise ship campaigners and university groups. Advertisement Activists argue the wedding exemplifies broader failures in municipal governance, particularly the prioritization of tourism over resident needs. Greenpeace said it teamed with the British group 'Everyone Hates Elon,' which has smashed Teslas to protest Elon Musk, for Monday's banner. Greenpeace said it wanted to draw attention to the comparitively low taxes many billionaires pay while allegedly exacerbating the climate crisis with environmentally unsustainable lifestyles. Italian and Venetian officials have strongly criticized the protests and welcomed the Bezos-Sanchez nuptials, which are scheduled for later this week. Over the weekend, as the protests continued to make headlines in Italy, a Venetian environmental research association, Corila, said Bezos' Earth Fund was supporting its work with an 'important donation.' This photo released by Greenpeace shows a large banner against Amazon founder Jeff Bezos' planned wedding, in St. Mark Square, in Venice, Italy Monday, June 23, 2025. Greenpeace/Associated Press Corila, which unites university scholars and Italy's main national research council in researching Venetian protection strategies, wouldn't say how much Bezos was donating but noted contacts began in April, well before the protests started. Advertisement
