The engines of the Agnelli group take off in Piazza Affari, but Exor marks the pace, still stunned by the breakdown of the negotiations for the sale of Partner Re. The controversy over the public guarantees requested by fca to the Italian government on the credit line in favor of the Italian activities of the multinational - the first private manufacturing company in the Bel Paese, where it has 55 employees - did not slow down title race, up about 4,1 percent at 12, altogether impervious to the waiver of the dividend, an obligatory choice in order to be entitled to the guarantee provided by Sace, the Italian export credit agency. After all, to remain within the stable, it also advances Ferrari (+2,5%), supported by the purchases of Third Point, the major US investor.
The market has welcomed that this time what Sergio Marchionne called "Italy's negative prejudice towards Fiat" shouldn't jeopardize an operation to the benefit of the automotive sector which, among other things, promises to be replicated in other supply chains of the Italian manufacturing. In summary, the 6,3 billion credit line to be activated with Intesa Sanpaolo (duration 3 years) will serve exclusively to support the automotive supply chain, made up of at least 10 companies of various sizes which will thus be able to have liquidity, a commodity as rare as it is precious in these situations.
They fall into the void polemical ideas, starting from FCA's request for a "return to Italy" as a prerequisite for being able to access the benefits of the decree. Actually, the request was made by a 100% Italian company, domiciled in Mirafiori. Another thing is the registered office of the industrial holding, domiciled in the Netherlands to take advantage of the governance opportunities guaranteed by the Amsterdam law, or the tax office, located in London (which is not a tax haven) with benefits for shareholders. This is the philosophy of Prime Minister Giuseppe Conte's response, who acknowledged that the request concerns "Italian factories, which produce in Italy and employ many workers”. Union reactions are on the same wavelength. “The request – Marco Bentivogli, Fim Cisl number one replies dryly – is not a gift at all and overlapping it with the fact that the former Fiat company has its headquarters in the Netherlands only means living-room populism. Even if it shouldn't be headed by a country that practices fiscal dumping to the detriment of other EU countries".
As far as the Italian FCA is concerned, however, the problem is about restarting factories and investments, as well as the now close appointment of marriage to Psa: to what extent does the epidemic risk damaging the merger with the transalpine group? The leaders of the two groups show confidence in this regard. Although the changes should affect the exchange ratios. Obtaining the guarantee should especially also prohibit the distribution of dividends, including the extraordinary coupon of the merger with PSA which the initial agreements saw at 5,5 billion.
Furthermore, it remains to be seen whether Peugeot intends to proceed with it anyway spin-off of Faurecia, a choice which implies for FCA the distribution of an extra dividend of 2,8 billion or 1,79 euros per share.
Finally, other news can come from Paris. This morning, Economy Minister Bruno Le Maire announced the arrival, within 15 days, of incentives for the purchase of electric cars by the French government.
