FCA-PSA, the merger benefits the Agnelli family – Mondo Auto

According to many experts, the merger between the FCA group and the PSA group would see the winner as the true winner Agnelli family. The data recorded by Bloomberg, in fact, they explain as from last Tuesday, the day when the two parties started the talks, the participation of the family in Exor has grown by about 800 million euros. We remind you that Exor is a company under Dutch law controlled by the Agnelli family and is the largest shareholder of Fiat.

FCA-PSA, the search for balance

The US media also explains how the Agnelli family now has a value of over 10 billion dollars, which makes it one of the richest families in the whole continent. Among the many family members there is also John Elkann, the current president of the FCA group and granddaughter of Gianni Agnelli. When the latter disappeared in 2003, Elkann became the head of the Agnelli family and from the following year he resumed the accounts of the Exor. Now there Dutch holding company is preparing to become the main shareholder of the new subsidiary which will be created by the merger between the PSA and FCA groups with a 14% stake, while John Elkann is applying to play the role of president.

But most analysts consider this merger as a masking of what in reality would be an acquisition by the PSA group. An acquisition that according to the figures of the operation is very close to the French group. Otherwise it would not be explained, as reported by Autonews, the prize of almost 7 billion that the PSA group would recognize to the members of the Italian-American group, given the great difference in the market values ​​of the two groups before the beginning of the talks. And the reduction in FCA's financial contribution to the new extended company is also evidenced by the approximately 5.8 billion euros that the Agnelli family would have taken from the extraordinary dividend even before the two parties joined. A series of favors that the French group is proposing to the Italian-American one, with the aim however of remaining at the helm of the new enlarged society.

FCA-PSA, final agreement by the end of 2019

The board of directors of what will be the fourth automotive manufacturer in the world will consist of 11 members, 6 of which will be part of the PSA group including the role of CEO who will be in charge of Carlos Tavares, who currently holds the same role in Peugeot. The very future to be guaranteed by this last automotive brand is among the objectives of this agreement, since the French State holds approximately 13% of participation in the shares of Peugeot. But the agreement would benefit the PSA group also from a strategic point of view, because thanks to the contribution of FCA the doors of the US market would open even more and the possibility of developing technologies in the field of electric vehicles would widen.