Fiat Industrial’s stock listing could move to the United States within the next two or three years.

Chairman Sergio Marchionne said he plans to simplify the company’s share structure, hinting strongly that its headquarters and the ultimate stock market listing could be in the US, according to an analyst report.

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Fiat Industrial is currently based in Italy and has a stock market listing in Milan.

Marchionne reiterated that the Iveco truck division could be sold, according to the report by Bernstein Research, which said it interviewed Marchionne in November.

CNH Global (CNH), the maker of trucks and tractors, is already based in the US and has a listing in New York. Fiat owns 100% of Iveco and 88.9% of CNH.

Fiat Industrial moving its headquarters out of Italy would be highly sensitive in its home country. Fiat Industrial did not immediately comment.

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