Reuters reports that Ifil, a holding company controlled by Italy’s Agnelli family, will continue to be Fiat’s leading shareholder, Ifil Chairman Gianluigi Gabetti said on Monday.
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The report said that a group of eight banks are due to convert a 3 billion euro ($3.7 billion) loan they extended to Fiat in 2002 into equity in September and will collectively leapfrog Ifil as Fiat’s biggest shareholder, diluting its founding family’s holding to about 22 percent.
However, some banks could sell their stakes on and they are not expected to club together as a single shareholder and play as active a role in Fiat’s governance as Ifil does.
Gabetti said he was “convinced the banks will continue to back efforts to complete Fiat’s recovery plan”, according to the report.
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