Fca-Psa, with the wedding the coupons in dowry to Exor rise to 4.3 billion

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If the marriage between FCA and PSA will take place, Exor will collect in one fell swoop a coupon of 1.6 billion euros, which is equivalent to almost 60% of the dividends received in the last ten years by the subsidiaries Fca, Ferrari, Cnh and more recently Partner King. How will you use this mountain of liquidity? Numbers and strategies will be known at the end of November, when the Agnelli family holding company will lift the veil on the industrial level.

Some indication, however, comes from what Exor has done in the last ten years, how it has moved and above all how it has changed. A path made of finance, thanks to the intuitions of Sergio Marchionne, but also of important industrial contents, if we consider that the “car fleet” made by Fca, Ferrari and Cnh saw aggregate sales go from 50 billion (2009) to 138 billion (2019), with employees from 190 thousand to 267 thousand.

Exor has never been so rich like today in the ultra centenary history of the dynasty. "John Elkann has always acted as an attentive asset manager," says those who have closely followed the president of FCA, who is also a representative of the Savoy dynasty, to whom 53% of the holding company belongs.

Two numbers give the idea of ​​how the controlling company of the FCA group has changed. Making a comparison since 2009 when the holding company came to life after the merger of the historical safes of the Agnelli Ifi and Ifil family, there is a resounding leap in the value of assets: ten years ago the net asset value was 3.1 billion, today the same this is € 20.9 billion compared to a debt that in June was € 2.5 billion total shareholder return, or the return for shareholders if all dividends received were reinvested in Exor securities: 1251%, with the performance of the Stock Exchange that brought the shares from 5.79 euros to 79.17 at the end of October.

But how many dividends has the holding company collected so far? And above all how many it has distributed to its shareholders, including the Agnelli family? According to the data collected by The sun 24 hours, in the last ten years the equity investment portfolio has guaranteed the holding a total dividend of 2.7 billion, which rises to 4.3 withaffaire Psa. The richest coupon is relative to 2019 and is equal to 1.059 billion, the result of the return to the dividend of the Fca group and of the extraordinary coupon of 2 billion (600 million the part relating to Exor) linked to the sale of Magneti Marelli.