As at the meeting in Rimini, also yesterday at the Ambrosetti workshop which ended after three days in Cernobbio, the CEO of Fiat, Sergio Marchionne was the absolute protagonist and his speech was accompanied by a warm final applause.
Marchionne spoke about Fiat and the Italian system. On the first point, to those who asked him whether Fiat will accompany the merger process with Chrysler with a capital increase, he replied cautiously, limiting himself to saying that "the board of directors will decide at the end of October". In reality, rather than a capital increase, Fiat is thinking of strengthening its financial structure with the issue of a bond or perhaps a convertible bond.
On a general level, Marchionne once again argued that Italy, if it does not want to take the path of irreversible decline, must change quickly. Then to the Renzi government, whom he did not fail to appreciate for his dynamism and determination, he proposed to concentrate on the three reforms considered to be the main ones and to concentrate on those to avoid wasting energy.
But Marchionne was then scathing with Luca Montezemolo, effectively confirming the rumors of an imminent divorce. First he said that "nobody is indispensable" and then he asked himself why, despite having the best drivers, Ferrari hasn't won in F1 since 2008. Today's disappointment at Monza throws more fuel on the fire.
