”Exor will continue to invest in Italy. In the last five years which has been a period of crisis, Fiat Industrial has invested 3 billion, Fiat almost 10. But this is not a necessary fact, there must be the will of the country”. This was stated by John Elkann, chairman of Exor, answering a question during the shareholders' meeting.
"Italy remains a country where investments are made and where there is the possibility of doing industrial activity", added John Elkann, answering a question during the shareholders' meeting, "but one cannot expect it to be a duty"
Elkann then recalled that with his recent participation in the Mille Miglia he was able to touch the vitality of our country. "And this leads me to say that if one has the desire and there are the conditions to be able to do business here in this country, the possibility exists", he concluded. However, "Fiat will review the targets in Europe, due to the crisis". “2012 got off to a good start in the USA, but we are seeing difficulties in Europe. An increase in America will be in the second half of 2012” added Elkann.
“We don't have a time commitment to value smaller investments. There is no rush – adding that Exor "is interested in finding the most appropriate solutions for our subsidiaries". As for the amount of a possible valuation, Elkann replied: "It's about what you've seen in smaller investments, ie 225-250 million".
Less investment, but bigger to compete globally. "For 2012 we want to continue to monitor our investments and our holdings, we want to continue to look for investment opportunities, but also to simplify our investments." The declared objective of the holding: "to have fewer investments, but of larger dimensions, which have the ability to compete globally". "It is important for Exor in the coming years – concluded the chairman – to reduce the scope of activities, to try to compete in the world".
