New sparks between Stellantis e government? After a black semester and with the title in a nosedive, the Italian-French automotive giant announced the sale of the majority of Comau to the international fund One Equity Partners. The giant of robotics and industrial automation, the flagship of Italian technology, now risks becoming the center of a new heated confrontation with the Italian executive. The Ministry of Business and Made in Italy is evaluating the use of the "golden power” — the special powers that the government can exercise in strategic sectors to protect the national interest. THE sindacati, alarmed by the possible employment and industrial consequences, are doing pressure on the government to guarantee the protection of Italian industry.
Stellantis gives up the majority of Comau, is golden power on the way?
The deal, part of the strategy agreed during the merger between Fiat Chrysler and PSA in 2021, is expected to close by the end of the year, with Stellantis maintaining a minority share and current management, composed of the executive president Alessandro Nasi and the managing director Pietro Gorlier, who will continue to lead the company.
Carlos Tavares, CEO of Stellantis, stated that this operation will allow Comau to acquire greater autonomy and focus on its growth, while Stellantis will be able to focus on its European core business. Ante Kusurin, partner of One Equity Partners, underlined that the fund has the resources and experience necessary to support Comau and consolidate its leading position in the industrial automation sector. Pietro Gorlier confirmed that the agreement is in line with the company's strategic expansion plan, while maintaining its Italian roots.
Comau sale: union concerns and possible government intervention
The operation raised strong concerns between sindacati. Rocco Palombella and Gianluca Ficco of Uilm they expressed concern about the risk of compromising a precious industrial and professional heritage, requesting government intervention to activate the "golden power" clause. Ferdinando Uliano della Fim-Cisl criticized the sale, suggesting that a spin-off with Stellantis still a majority shareholder would have been preferable to protect Italy's industrial heritage. Samuele Lodi of Fiom-Cgil he defined the choice as "wrong" due to the loss of a technological and innovative resource and the passage of control to an investment fund rather than to an industrial entity. The unions hope that the government will exercise its golden power to ensure the protection of Italian jobs and industrial know-how. This issue will be at the center ofmeeting between unions and government, convened by the Minister of Business and Made in Italy, Adolfo Urso, for on August 5.
Tavares ready to sell brands that "don't make money"
Despite financial difficulties, the CEO of Stellantis looks to future with optimism. He announced the launch of at least 20 new models by the end of the year, including the Fiat Grande Panda and Alfa Romeo Junior, as well as updated versions of the Ram 1500 and Peugeot 3008. However, Tavares also recognized the need for “corrective actions” and did not exclude the possibility of sell the less profitable brands. “There are no taboos,” she said, stressing that brands must demonstrate their value; otherwise, they could be sold. This sign of potential restructuring indicates a possible strategic change to improve the group's efficiency and profitability.
In the meantime, the automotive group is preparing to launch a a joint venture with Chinese Leap motor, expected in the third quarter of 2024. Challenges remain significant, but the group is determined to fill gaps in its product portfolio and improve its performance in North America and Europe. The goal is to catch up in the second half of the year and into 2025.
Stellantis-unions-government meeting: Tavares confident
The Comau match between the government and the company is not the only pending challenge. The August 7th a meeting crucial between Stellantis, sindacati and Minister Urso to discuss the program agreement for the relaunch of the Italian automotive supply chain. Tavares, expressed optimism regarding the outcome of the negotiations, declaring: “There is no reason why a deal can't be made, at least on the part of Stellantis.” He underlined that the company responded positively to the government's requests and that the responses provided are in line with the executive's expectations. Tavares said he is confident that the parties will be able to converge on an agreement that can support the production of one million vehicles by 2030.
