What a day. At 8 in the morning, when financial analysts are busy monitoring all aspects of the European vote, the automotive world will turn its attention to the board of directors of Renault, meeting to evaluate a possible alliance (or a merger) between the French group and Fiat Chrysler, which in the morning announced an official offer and which at the opening of the Stock Exchange gains 18%. The goal, says Les Echos, is to create a "four-wheeled Airbus" thanks to a merger of equals which was presented on Friday evening by Jean Dominique Sénard, Ghosn's successor, to Industry Minister Bruno Le Maire . The operation has two stages. A comprehensive industry alliance will be announced today covering connectivity, electric cars and platforms. Then we will proceed on the financial front.
To avoid Exor taking control of the French company, an extraordinary dividend would be provided for FCA shareholders, in order to be able to proceed with a "merger of equals" between Renault (which capitalizes around 15 billion) and FCA (18 billion) . Exor, which owns 29% of the Italian-American group, would still be the number one shareholder before the French state. Governance measures and employment guarantees have already been established in both Italy and France.
The reaction of the Tokyo partners remains unknown, Nissan and Mitsubishi, who were not involved in the talks. But Renault has decided to postpone the merger with Nissan, thus cooling tensions with the Japanese partner.
Today John Elkann is expected in Milan at Bocconi for the Lectio Inauguralis of the lawyer Giovanni Agnelli Associate Professorship in Economics.
While awaiting the reactions to the wedding on four wheels, the analysis of the vote holds the table.
US stock exchanges closed for Memorial Day, attention is focused on Donald Trump's visit to Tokyo: in addition to the Sumo matches and the golf challenges with Shinzo Abe, the US president will address two hot topics; relations with North Korea and car duties.
Il tariff comparison the central theme remains for the markets: according to a study by the New York Fed, the increase in tariffs this year will lead to an average increase of 831 dollars per family. To follow the data on consumption, out on Friday.
Milano restarts after a turbulent week, concluded with the recovery on Friday (+1,1%) which however was not at all sufficient to bring the balance of the eighth to positive. Indeed, with a loss of about three and a half percentage points, Piazza Affari was the worst in Europe. The decline in the spread, which returned below 270 basis points, was of little value.
It will be held tomorrow the bot auction for 6,5 million. The Treasury seems willing to postpone the launch of the new Btp Italia until next autumn, for fear of a new flop, similar to last year's.
We will look carefully at the next few days Bank of Italy annual report, with the final considerations of the governor Ignazio Visco destined to fall into a hot political situation. Ten days ago, from the stage of the Aaron Institute for Economic Policy Conference, in Israel, the number one of the Koch building underlined that "a credible strategy to reduce the level of debt in the medium term can no longer be postponed" also because "if the increase in interest persists will inevitably weigh on the cost of debt”.
Continue the distribution of dividends. Today it is the turn of several Star companies: Cairo, Datalogic, El.En, Irce, Marr and Sabaf. Coupon also for Astm, Conadi and doBank.
The annual meeting of the Aim Conference is held in Piazza Affari.
