Why Italy could take a stake in FCA-PSA’s Stellantis

MILAN — Italy could take a stake in newly created automaker Stellantis but any such investment would be made in a consensual way, Italy’s deputy economy minister, Antonio Misiani, told an Italian newspaper.

Shareholders of Fiat Chrysler Automobiles and Peugeot maker PSA Group on Monday approved the automakers’ $52 billion merger that will create Stellantis.

“A possible presence of the Italian State in the capital of the new group, similar to that of the French government, cannot and must not be a taboo,” Misiani told La Repubblica on Wednesday.

Misiani said this was because Stellantis involves the national interest from an employment and industrial point of view, adding that a possible investment should take place under certain conditions “which do not exist at the moment.”

Both FCA and PSA declined to comment on the deputy minister’s quotes.

The French government, which is currently one of PSA’s largest shareholders, will hold a 6.2 percent stake in Stellantis through the public bank Bpifrance once the merger is completed.

Exor, the Agnelli family’s holding company, which is FCA’s main shareholder, would become Stellantis’s largest single investor with a 14.4 percent stake.

FCA and PSA expect to complete their tie-up on Jan. 16.

Misiani also pointed out the need to go beyond incentive mechanisms already in place and adopt a new medium- to long-term perspective, which would include environmental goals.

“Technological challenges intersect with the ecological transition,” he said. “This is precisely why important resources could come from the EU recovery fund, which pays a lot of attention to decarbonization.”

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