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UPDATE 1-CNH Industrial plans breakup, will list its truck and bus unit

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MILAN, Sept 3 (Reuters) - Industrial vehicle maker CNH Industrial said on Tuesday it planned to split its operations in two and list its truck, bus and engine division in a bid to boost the value of its assets and create more focused businesses.

CNH Industrial aims to complete the revamp by early 2021, creating a company to run its agriculture and construction operations and another publicly listed unit to run the truck, bus and engine assets.

The plan, dubbed 'Transform 2 Win' will reduce operating costs and increase the group's asset base "through targeted restructuring actions," CNH Industrial said in a statement.

It said full implementation of the plan was expected by the end of 2022 with total pre-tax charges expected between $450-$500 million through 2022.

CNH top shareholder Exor - the holding group of Italy's Agnelli family, which also controls Fiat Chrysler and premium sports car maker Ferrari - said in statement it supported the new business plan.

"Exor will continue to be the shareholder of reference in both entities following completion of the spin-off process," it added.

In a separate statement, CNH Industrial said it planned to enter a strategic and exclusive partnership heavy-duty trucks with U.S.-based Nikola Corporation.

The Italian-American group will take a $250 million strategic stake in Nikola, it said.

Milan-listed shares in CNH Industrial rose as much as 1% after statement was issued, before reversing gains. They were down 2.5% by 1040 GMT.

(Reporting by Giulio Piovaccari, editing by Valentina Za and David Evans)