After the historic meeting on Friday, Fiat faces the examination of the markets, with more than one novelty, including the entry of the Chinese central bank into the shareholding with a 2% stake. In the meantime, the Fiat share lost 0,14% in Piazza Affari at the opening today.
The merger operation was approved by just over 84% of the capital present at the meeting. Those against were just over 8%, or more than a third of the institutional investors present. Had it been up to them, therefore, the objective of a majority of more than two thirds necessary would not have been achieved. The attitude of some proxy fighters was decisive, starting with ISS, who advised against voting in protest against the changes to the majority's right to vote. In the new FCA Exor, which controls 30,4%, will be able to vote for 46,2%.
In the event that these votes against were to result in requests for withdrawal at the envisaged price (7,727 euros), the limit of 500 million allocated by Fiat to pay outgoing shareholders would be exceeded: the amount would in fact exceed 700 million. That is, the merger would fail. Or maybe not because, according to the regulation, the shares subject to withdrawal will have the preemption of the other shareholders who could proceed with new purchases.
In summary, whoever withdraws (last date 20 August) will collect 7,727 euros per share, against a price of 7,111 on Friday, but will do so without knowing the results for the third quarter. In the event of a stock rebound, the deal could be done by the buyer.
