Fiat continues to lose in Piazza Affari, following the fears triggered by the Consob light on the group's liquidity: the Lingotto stock recorded a drop of 2,77% in the morning, settling at 4,35 euros, after even losing on 3 %.
While the automaker is grappling with the sharp slowdown in sales in Europe, the picture is complicated today by the article in Il Messaggero, which reports that Fiat is under the spotlight of Consob for the liquidity declared in the half-yearly and equal to 22,7 billion euros.
Liquidity on which the Market Commission would like to clarify. Debt, again in the six-month period, stood at 5,4 billion. Sergio Marchionne, the CEO of the group, explained that the company's 'treasure', made up of credit lines and corporate bonds, is kept in the coffers because it will be used for three purposes: first of all to completely take over the US company, Crhysler.
Moreover, until Fiat controls the capital of the US company, it will not have carte blanche on the liquidity of the overseas house (it now holds 58,8% of the capital). Part of the liquidity will also be used to support car sales, in the form of installments. Finally, a third will go to support initiatives aimed at Europe, such as the activation of a portion of the Fabrica Italia project.
The Consob investigation, however, has alerted investors. Also today, the Corriere Economia wrote that Investindustrial, the fund led by Andrea Bonomi, would be studying to acquire a stake in Alfa Romeo, to participate in the relaunch of the company. The titles, however, do not warm up to this hypothesis.
