Fca-Psa, the reactions. Vigilant governments, Fiom worried, Confindustria satisfied

The markets react against the announcement of marriage: euphoria for Fca which starts up 10% in Piazza Affari, a disappointment for Psa which instead leaves 10% on the ground in Paris. The announcement of the start of the merger project to create the fourth global automotive group sees vigilant governments and unions concerned about the impact of aggregation on the workforce, despite the joint statement ensuring that no factory closures are planned.

From Paris Bruno Le Maire, French Economy Minister, welcomes "the negotiations" favorably because the integration between Fca and Psa "would offer the two groups the necessary dimensions to realize the indispensable investments to face the challenges of the energy transition, of the electrification, as well as shared, autonomous and connected cars ”. The Paris government, explains Le Maire, "will be particularly vigilant on the preservation of the industrial presence in France, the localization of the decision-making centers and the confirmation of the commitment of the new group on the creation of a European industrial chain of electric batteries".

From Rome Giuseppe Conte judges positively, "it is a market operation". underlining that "what is pressing for the Government is that the level of production and that of employment in Italy is assured and therefore the business continuity". Conte will hear John Elkann in the coming days for details of the agreement. Stefano Patuanelli, Minister of Economic Development, assures that "we will ask Fca for continuity on the industrial level and investments and production in Italy. The union of two large groups like Fca and Psa can have economies of scale on costs – he explains in the course of Agora, on Raitre – but the reduction must not have repercussions or affect workers in our country ”.

A fear that is raised by Francesca Re David, general secretary of Fiom Cgil, who on Radio anch'io, on Rai Radio1, says that "there is a very strong concern for the plants. In Italy there is an installed production capacity of 1.5 million cars, but less than half are produced. Our factories are full of cassintegrati, the merger is very risky ".

The French trade union CGT stresses that "it is the classic game of the world capitalist Monopoly. With this merger, they hope to increase the profitability of their companies and protect their future benefits. They intend to succeed by aggravating the attacks against the interests of workers in the two groups in the area of ​​employment, purchasing power and collective rights ".

Confindustria's reaction is completely opposed. "A propensity is confirmed
European and a large potentially European giant that is in the line of what we support ”, commented the president of Confindustria, Vincenzo Boccia. "We need to consider the competition in Europe not only in a national key – added Boccia – We need European giants to face the challenges with China and the US".

For Equita analysts, the Fca-Psa merger "is a positive deal that, in addition to improving the risk profile, allows us to benefit from the significant industrial synergies that would otherwise not be possible and to obtain a valuation bonus". “The transaction could also have a positive impact on FCA's ratings, currently Ba2 (Moodys) / BB + (S&P) and BBB- (Fitch), so an upgrade of a notch by S&P would trigger the inclusion of bonds FCA in Investment Grade credit indices. Already yesterday, S&P – the analysts recall – had positively defined the implications of the deal on FCA's credit profile ".