FCA, Elkann pulls straight on the dividend for the merger with PSA: “The 5.5 billion? The agreements are written in stone and bound”


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John Elkann pull straight: confirm your intention to ask for the state guarantee on the loan from 6.3 billion euros for Fca Italy and that there will be no waiver of maxi-dividend extraordinary from 5.5 billion to the holding company Exor envisaged in the agreement for the merger with psa.

The president of Fca it does not withdraw despite having been pointed out that on the one hand a billionaire guarantee was requested from the State, provided for by the rules contained in the Revival decree, and on the other hand there was none waiver of the coupon for the operation with the French car manufacturer. “The terms of the agreement with PSA are written in stone and bound, “said Elkann, in the conference call with analysts, regarding the extraordinary 5.5 billion dividend expected for the conclusion of the transaction with PSA.

As for the loan requested by Fca Italy and ended up at the center of the political debate – given that the FCA group has its registered office in the Netherlands and tax offices in England – the former Fiat number one explained that “it is designed to help the auto industry in Italy”. Intesa Sanpaolo “He’s working on it,” he confirmed by pointing out that the talks are ongoing. On the credit line chosen to deal with the collapse in sales following the coronavirus emergency, Elkann instead stressed: “Every country has a different tool to help its industrial base. ”

The FCA request – which will apply alone on 5% than what has been put on the plate by the state in terms of loan guarantees – politics has divided. The front had been opened by number two of the Democratic Party, Andrea Orlando. Then Leu had presented two amendments, also supported by Carlo Calenda, which aimed to expand the prohibition to distribute coupons to the whole loan term, but the Treasury gave a negative opinion. Thus the extraordinary dividend is saved, being provided for in the 2021, while the group had moved ahead and had already announced it stop dividends for the current year.

Action leader and MEP Calenda was among the toughest against FCA. Speaking at The Air that Pulls on La7, he attacked: “This thing that’s no good. Money to Fiat FCA Italy can also be loaned, but then Agnelli the dividend is not distributed. We cannot guarantee the management of a company, nor the dividends of Elkann, “he said.

On the loan issue, the controversy (internal and external) was also grafted on the newspapers owned by the Elkanns who had supported the operation and, in the case of Republic, the director Maurizio Molinari he had also said no to the publication of a communique on the subject by the Editorial Board. “Other than class hatred, it’s called conflict of interest,” the dem said Gianni Cuperlo in an interview with Il Fatto Quotidiano asking FCA to “bring the headquarters back to Italy” against the guarantees requested from the state.

Southern Minister Giuseppe Provenzano instead proposed asking FCA to “spontaneously evaluate to share with the Italian government its’country by country report‘, Also to make less discretionaryin the case of a large company, the choice to offer large public guarantees “. Today, Provenzano recalled on Facebook, “no one, except for some senior executives of theRevenue Agency and the international management of FCA, knows exactly what they are like distributed the profits of the various branches and how the tax burden in the various countries “.

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