MILAN (Reuters) – Italy could participate in newly created automaker Stellantis but such an investment would be made in a concerted way, Italian deputy economy minister Antonio Misiani told a newspaper Italian Wednesday.
Shareholders of Fiat Chrysler Automobiles (FCA) and shareholders of PSA Peugeot on Monday agreed a $ 52 billion merger to create the world’s fourth-largest carmaker.
“The presence of the Italian State can be the capital of the new body, like the French government … it cannot and must not be a taboo,” Misiani told La Repubblica.
Misiani said this was because Stellantis captures the national interest from an employment and business perspective, saying investment should be made under certain “non-existent” conditions.
Both the FCA and PSA refused to consider the deputy minister’s quotas.
Paris, which is currently one of PSA’s largest shareholders, will hold a 6.2% stake in Stellantis through French public bank BPI France once the merger is complete.
Exor, the Agnelli family that is a major shareholder at FCA, would become Stellantis ’largest single investor with a share of 14.4%.
FCA and PSA expect to end their bond on January 16th.
The Italian deputy minister also highlighted the need to go beyond already established incentive mechanisms and adopt a new medium- and long-term vision, which would include environmental objectives.
“The ecological movement (…) presents technological challenges. This is exactly why important resources could come from the EU Recovery Fund, which pays a lot of attention to disarmament, ”he said.
Reciting with Cristina Carlevaro; Edited by Alexander Smith