Italy’s Agnelli family has raised up to EUR2bn from the disposal of a stake in a Swiss product inspection company, a move that analysts say suggests it plans to preserve its large shareholding in Fiat.
The Agnelli family has a 30% stake in Fiat and is said to be keen to avoid share dilution and to remain the largest shareholder in the future following the planned merger with Chrysler. The proceeds of the Swiss stake sale could be used to that end, analysts believe.
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The chairman of Exor (the Agnelli famiily’s holding company) and of Fiat, John Elkann, suggested recently that Exor’s stake in Fiat would not be watered down in a proposed Chrysler merger, which Fiat’s chief executive, Sergio Marchionne, has said may be partly financed by a share issue.
Fiat chief executive Sergio Marchionne wants to merge the two carmakers to create the world’s seventh-largest auto group, tapping Chrysler’s cash flow to offset Fiat’s losses in Europe and building economies of scale.
Fiat and VEBA have been negotiating the value of the VEBA Chrysler stake (41.5%) and are said to be near to an agreement.
