Among the large shareholders, the hypothesis of an agreement that guarantees stability for the new nascent giant is beginning to be assessed.
Marigia Mangano
3 ‘of reading
Having outlined the path that will lead within a year to the creation of the fourth world group in the auto sector, among the great partners of the future FCA-PSA, the hypothesis of a shareholders’ agreement that guarantees stability for the new nascent giant is starting to be considered. At the moment, according to what was collected by Sole24 Ore, between Turin and Paris, the topic would have been posed only informally, but it is being talked about. Times and contents are still to be defined, but the general idea on which one would be thinking is that of a “light” agreement between the two shareholder families, the Exor degli Agnelli and the Peugeot dynasty, capable of armoring the assets of the new car manufacturer that will be born from the merger of the two groups.
The equity balances of the FCA-PSA group, moreover, are still under construction and at present only maximum share ownership “ceilings” have been outlined for French shareholders, with a bond extended to all shareholders and guaranteed by the articles of association. of not exceeding 30% of the capital by a single shareholder.
The balances The memorandum of understanding between FCA and PSA, signed on the morning of December 18, provides some details that help to reconstruct the geography of the future shareholder base. At the moment in the FCA group the first partner is represented by Exor with a share of 28.9%. Psa, for its part, has three shareholders: the Peugeot family, the French state (Bpifrance) and the Chinese partner Dongfeng at 12% each.
In theory, in the new aggregate, post merger of the two groups and in light of an equal aggregation, the structure would see the holding of the Agnelli family at 14%, and the Peugeot, Bpifrance and Dongfeng family at 6% each. In the new agreement, the balance has been slightly shifted.
There are in fact two new forecasts that “adjust” the weights in the shareholder base. First of all, the descent of the Chinese shareholder who will sell a portion of the shares in his new ownership, 1.5%, to the PSA Group is established, with the simultaneous cancellation of the shares. Dongfeng, therefore, will drop not to 6% but to 4.5%. However, the buyer has already been identified and it is the transalpine group led by Carlos Tavares. In addition, the memorandum adds a passage so far not covered in the guidelines communicated at the end of last October.