Shareholders at CNH Industrial have approved the spin-off of its truck-making business Iveco Group, the company said, completing a plan launched more than two years ago to reorganise its businesses.

Upon completion of the plan, CNH Industrial shareholders will receive one Iveco Group common share for every five common shares held in the parent company, CNH said in a statement. CNH Industrial's controlling shareholder Exor, the holding company of Italy's Agnelli family, will become Iveco Group's largest shareholder with around 27% of common shares and 42.5% of voting rights.

Iveco Group, headed by CEO Gerrit Marx, was set to be incorporated as a stand-alone company on January 1, with its shares starting trading on the Milan bourse from tomorrow.

Truck, bus, specialty and defence vehicles and powertrain operations will fall under the newly-created Iveco Group. CNH Industrial will focus on its farm machinery and construction equipment businesses after the spin-off.

Iveco's deal mirrors a similar move by Daimler, which earlier this month completed the spin-off and listing of its truck operations, while in 2019 Volkswagen listed its truck unit Traton, which houses brands including Man and Scania.