While the eyes of the market are focused on Ferrari on market day important news also arrives for Fiat Chrysler.
According to Il Sole 24 Ore, FCA refused the 5 billion offer presented by the KKR fund for Magneti Marelli. The reason is soon to be said. The figure put on the plate by the private equity operator would be missing one billion and Lingotto does not seem to have any intention of "selling off" the component company, lowering the price compared to the fixed 6 billion.
The negotiations (up to now exclusive) between the two parties have not yet officially stalled, but according to Bloomberg, FCA is already "looking around" to see if there is room for other offers. Milano Finanza speaks in particular of "new offers from Asia" arriving.
We recall that in the past, expressions of interest had come from Apollo Global Management and Bain Capital. It wouldn't even be totally discarded the spin-off hypothesis, with the company led by Mike Manley which would be evaluating whether there are the conditions to proceed with the spin-off of Magneti Marelli without excessive risks for FCA. An option appreciated by the trade unions among other things. he road to the spinoff remains the one advocated also by trade union sources: "Our position remains the same. For us, the spin-off operation is preferable because it secures factories and employment, indeed, it builds the conditions to further improve the potential of growth of a group that sold over 8,2 billion euros worldwide in 2017, with over 43.000 employees, of which 10.032 in our country”, commented the national secretary of the Fim Cisl Ferdinando Uliano in a note.
At Piazza Affari, the FCA share opened trading down by 0,28% below the 15 euro mark. At 10.15 however, thanks to the Ferrari mini rally (+2,66%), the shares seem to have hit the right gear, gaining 0,7% to 15,15 euros. Cnh (+1,2%) and Exor (+0,8%) are also up.
