🇮🇹 Iveco 防務部門待售，意大利恐失去關鍵軍事供應商

意大利最大軍用車輛製造商 Iveco Defence Vehicles（IDV）即將被出售，潛在買家包括西班牙的 Indra、法德合資的 KNDS、英國的 BAE Systems，以及義大利的 Leonardo 與德國的 Rheinmetall 聯合體。IDV 是意大利陸軍的主要戰鬥車輛供應商，其母公司 Iveco 由 Agnelli 家族控制，計劃在 2025 年底前將 IDV 分拆，並考慮出售。

IDV 去年營收增長 15%，達 11 億歐元，受益於全球地面作戰預算的增加。該公司與 Leonardo 和 Rheinmetall 的聯合體已有合作關係，共同為意大利陸軍建造步兵戰鬥車和坦克。此外，IDV 還與 BAE Systems 合作，為美國海軍陸戰隊製造兩棲車輛。

儘管意大利政府和軍方希望 IDV 保持國有，但 Exor 可能更傾向於追求最大利潤，將 IDV 出售給出價最高的買家

🔍 三大觀察重點 | Three Key Takeaways

1. Iveco 出售將重塑歐洲防務產業版圖

若 IDV（Iveco Defence Vehicles）由外國或跨國企業併購，將改變歐洲陸上防務產業的勢力分布，進一步加劇德、法、西等國在軍備產業的競爭與整併。

2. 義大利國防自主性面臨挑戰

IDV 是義大利陸軍主要裝甲與步兵車輛供應商，出售可能使義大利在未來軍備生產與決策上更依賴外部企業，降低國防自主性。

3. 地緣政治下，併購案恐成安全考量熱點

鑑於歐洲防務戰略整合與地緣政治局勢升溫，此類併購將不單是商業交易，也可能觸動歐盟與北約內部的國安審查機制。

🌐 地理位置標示（GPS）

Iveco Defence Vehicles 總部（意大利都靈）
- 緯度：45.0703° N
- 經度：7.6869° E

🇮🇹 Iveco Defence Vehicles Sale May Reshape European Defense Industry

Italy’s largest military vehicle manufacturer, Iveco Defence Vehicles (IDV), is set to be sold, with potential buyers including Spain’s Indra, the Franco-German joint venture KNDS, Britain’s BAE Systems, and a joint consortium between Italy’s Leonardo and Germany’s Rheinmetall. IDV, a key supplier of combat vehicles to the Italian Army, is currently owned by the Agnelli-controlled Iveco group, which plans to spin off and consider selling IDV by the end of 2025.

In 2024, IDV recorded a 15% revenue increase, reaching €1.1 billion, fueled by rising global budgets for ground combat operations. The company is already collaborating with the Leonardo-Rheinmetall consortium to build infantry fighting vehicles and tanks for the Italian Army. Additionally, IDV works with BAE Systems to supply amphibious vehicles to the U.S. Marine Corps.

While the Italian government and military reportedly prefer IDV to remain under national ownership, parent company Exor appears inclined to prioritize profit, potentially selling IDV to the highest bidder.

🔍 Three Key Takeaways

Iveco sale could reshape Europe’s defense industry landscape
If IDV is acquired by a foreign or multinational entity, it could alter the balance of power in Europe’s land defense sector, intensifying competition and consolidation among countries like Germany, France, and Spain.
Italian defense autonomy under threat
IDV is a critical supplier of armored and infantry vehicles to the Italian Army. A sale could increase Italy’s dependence on foreign firms for future military production and decision-making, reducing national defense autonomy.
M&A deals in geopolitics may trigger security concerns
In the context of ongoing European defense integration and rising geopolitical tensions, such mergers and acquisitions are not merely commercial transactions—they may also prompt scrutiny under EU and NATO security review mechanisms.