In Piazza Affari eyes fixed on fca. One hour after the opening, Fiat Chrysler's share on the Stock Exchange gained 1%, to 16,746 euros, achieving one of the best increases in the Ftse Mib, which fluctuated around parity in the same minutes. Investors' attention was awakened by an article in the Sun 24 Hours, which anticipates some details on the spin-off of Magneti Marelli.
According to the financial newspaper, the components company will leave the FCA perimeter to merge into one newco under Dutch law, which will be listed on Borsa Italiana. The operation will take place through a whirlwind of steps, including a split of Magneti Marelli and a subsequent one cross-border merger of the beneficiary company.
In this way, the group repeats what has already been done for FCA, Exor, Ferrari and CNH, all based in Amsterdam.
For the future shareholding of Magneti Marelli, the Sun he cites some sources according to which the Agnelli finance company intends to maintain a controlling stake in the company's capital, so as to guarantee continuity in the development plans. There is talk of a 30% stake, which would weigh like a controlling stake thanks to the multiple voting mechanism.
It's still not clear the amount of debt which FCA will be able to spin off to assign to Magneti Marelli: the amount should be between one and two billion euros.
Either way, the deal should close by end of 2018 or early 2019.
Meanwhile, in Piazza Affari, the other stocks of the Agnelli galaxy travel in the opposite direction to FCA: Exor -0,27% (to 58,20 euros) e Cnh Industrial -0,8% (to 8,826 euros), while Ferrari remains at parity (122,90 euros).
Fiat Chrysler's shares are also supported by the denial, which arrived yesterday after the markets were closed, of the arrival of Vittorio Colao – the manager who led Vodafone for 10 years – in place of Sergio Marchionne, who confirmed in January his intention to quit the group in 2019, after 15 years at the top.
"As the company has already repeatedly stated - FCA wrote - it is expected that the changeover will take place in due time, with an internal solution following a precise decision-making process that has been underway for some time". In pole position for the succession to Marchionne are Alfredo Altavilla, Richard Palmer, Mike Manley and Pietro Gorlier, all managers within the group.
