Fca-Psa wedding: a treasure for Fca shareholders. In one year coupons for 8.5 billion



The shareholders of Fca, after ten years of patience, within twelve months are preparing to see their dividend multiply from one billion euros to 8.5 billion

by Marigia Mangano

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More than 8 billion coupons coming on the market and a round check for Fiat Chrysler Automobiles members alone, which comes to 8.5 billion if the resources distributed over the last year by the former Lingotto are taken into account.
The agreement between Fca and Psa, as it was conceived, seems to look above all at the return for the great shareholders of the two groups and creates the basis for the agreement, at least on the financial front, to pass the examination of the shareholders without a hitch. According to the guidelines, the great alliance aims to make everyone happy: the Psa group, the Fca group, their shareholders and, in particular, the first Exor partner represented by John Elkann, director of the operation.

Two maxi-coupons
Overall, the study agreement will generate two maxi coupons immediately. Psa, after the spin off of Faurecia, of which it controls about 46%, will release resources for 2.7 billion. The subsidiary of the components market share 5.9 billion euros. A round check that will be distributed to the shareholders of the French group: the family Peugeot, the Chinese partner DongFeng and it French state, all members for 12% of the group led by Carlos Tavares.

Treasury for Fca and Exor
For the Fca group, the coupon is more than twice the transalpine partner: the agreement provides for the distribution of 5.5 billion of extraordinary dividends to which is then added the participation held in Comau. A treasure that, at least for what concerns the maxi coupon, for 1.6 billion will end up in Exor's coffers, which accounts for about 29% of the Italian-American group. However, it is only a part of the resources allocated to Fca members in the last year.

The sale of Magneti Marelli
The shareholders of the former Lingotto, after ten years of patience, are preparing to see their dividend multiplying from one billion euros to 8.5 billion within twelve months. The new check envisaged in the context of the marriage with Psa represents the last "installment" of a mountain of coupons that FCA has recently approved. The reference is on the one hand to the sale of Magneti Marelli to Calsonic Kansei Corporation, a 6.2 billion transaction and "paid" to the shareholders for 2 billion, and on the other to the ordinary dividend. In all it makes 3 billion which together with the "French" coupon brings the total income to 8.5 billion. Of these, 2.5 billion went to the safe of the Agnelli family, a great director through Elkann of the agreement with Psa.

Third quarter accounts

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