With Iveco and Teksid it is at the center of a strategy that foresees the unbundling. In the past, the three companies of the Exor galaxy have been the subject of attention from possible buyers, especially from Asia
by Carlo Festa
2 ‘of reading
Within the great reorganization of the Fiat Chrysler galaxy, the spotlights are also on Iveco and Comau, the two companies of the Exor galaxy active in the production of industrial vehicles and buses on the one hand and, on the other, in the field of industrial automation . But also on another company like Teksid, which is always headed by Fca. All these companies have, even if on different fronts, common features in the road leading to the holding company Exor: they are in fact at the center of a spin-off and in the past have been repeatedly the object of attention by possible buyers, especially from Asia.
The market has long been questioning the fate of these companies, even more so now, after the epochal changes planned for Fiat Chrysler. A business bank historically close to Fca, like Goldman Sachs, has these files in mind.
One wonders if a fate similar to the one that led Magneti Marelli, at the end of 2018, to be sold to the Japanese Calsonic Kansei for 6.2 billion is foreseen. In fact, within the merger with Peugeot, the stake in Comau (100% controlled) will be separated and will return to all Fca shareholders, therefore mainly to Exor. The same could happen to Teksid, once the perimeter of the merger with Peugeot is defined. Comau has an international network of 32 operating centers in 14 countries, 14 production facilities and 5 research centers. It currently employs 9,000 people.
What will therefore Exor of the participation in Comau, which will fall within the scope of the holding company following the merger of Fca with Peugeot? One of the themes remains that of evaluation. At the end of last year, rumors of a possible sale had circulated. The estimates of that time reported a valuation of around 1.5 billion euros, ie at the top of the fork compared to the sector’s competitor such as the German company Kuka, for example. However, in recent days some analysts have indicated far fewer figures for Comau, as a pre-breakdown assessment.
Exor could quote or sell Comau, even if some knots remain to be dissolved. The Fiat subsidiary active in industrial automation, based on the new developments in the golden power discipline, could, however, fall within the sphere of exercising the special powers in the hands of the State for companies considered strategic.