Historical assembly at the Lingotto on Friday 1st August. TheFiat shareholders' meeting is in fact called to approve the merger with Chrysler for the last time in the Piedmontese capital. After the vote, the company will be officially merged into Fiat Investments which will take the name of Fiat Chrysler Automobiles (Fca), becoming the holding company of the group.
Fiat shareholders will receive one new FCA share for each Fiat already owned. The new titles, presumably in the second week of October, will be listed on the New York Stock Exchange as well as on Piazza Affari. The shareholders who have not voted in favor of the merger operation will be able to exercise the right of withdrawal for 7.727 euros.
In the meantime, proxy advisors have taken the field. Iss has in fact advised to vote because the merger would decrease shareholder rights because it will increase Exor's grip on the company thanks to the scheme envisaged by the merger to reward long-term investors: with 30% of the capital Exor will be able to exercise voting rights up to 46%. Smaller proxy advisor Frontis Governance also made the same recommendations against the merger. Fiat must reach 67% to approve the merger with the birth of Fiat Chrysler Automobiles (Fca) and the transfer abroad of the new entity.
The Shareholders' Meeting will also be called to confirm the office of Director Glenn Earle, appointed by the Board of Directors on 15 June with effect from 23 June to replace Gian Maria Gros-Pietro. Today in the opening of the markets, the Fiat share loses half a percentage point in Piazza Affari, a 7,76 euro, in line with the performance of the Ftse Mib.
