Two IPOs are better than one and in fact Sergio Marchionne is studying the dual listing of Marelli and Comau for FCA, while postponing the spin-off of Alfa Romeo (invigorated by the return to Formula 1) and Maserati to more mature times.
It is with these novelties, enriched by the opening to technical dialogue with Hyundai, that FCA presents itself this morning in Piazza Affari after a week of declines on the Stock Exchange (-4,4%) also due to the fines announced by France for the dieselgate, which Marchionne considers "unfounded".
Now at the top of Sergio Marchionne's agenda is the spin-off and listing (which could be double) of the components, which will serve to reduce the group's debt and make Marelli and Comau independent. The "living idea", as FCA's number one defined it, is to put 50% of the two component companies on the market and distribute the remaining 50% to FCA shareholders, even if the group's board of directors has not yet pronounced on the matter. This will certainly be discussed at the Investor Day in the first few months of 2018, while the spin off of Alfa and Maserati will take longer.
