Here’s how the French state rams Exor in Stellantis
France has a strong position in the shareholding of Stellantis: the state owns 6.5% and not 6.2% of the shares, while Peugeot can go up to 8.5%. Here are details and news
15 to 14.4%. On balance, even on the shareholding front the French have a greater weight in Stellantis than on the “Italian” front, despite Exor being the first shareholder of the new car manufacturer with a 14.4% stake.
The French state has a higher share than that announced in recent months, and only Peugeot has been given the opportunity to climb up to 8.5%.
All the details.
THE NEW QUOTAS OF THE FRENCH STATE IN STELLANTIS
Let's start with the weight of the French state. As revealed by MF-Milano Finanza and reported by Corriere della Sera , France holds a stake in Stellantis, the new car manufacturer born from the merger between PSA and FCA, equal to 6.5% and not equal to 6.2% as believed on the market.
THE SHARES OF BPIFRANCE IN STELLANTIS
The government, in fact, sold its 6.2% stakes in Stellantis to Bpifrance, 49.3% controlled by the Caisse des Depots et Consignations, Cdc, and by Epic, also a government body. However, a further 0.3% of the shares (or more than 9 million ordinary shares) goes to Banque publique d'vestissemen for the investment in Psa of two subsidiaries, Cnp Assurances and La Banque Postale, explains MF-Milano Finanza. .
Bpi boasts a “strong position in Stellantis, so much so that it has included its director, Nicolas Dufourcq, on the board of directors of Stellantis”, writes the Corriere.
SHARES AT THE FRENCH DEPOSITS AND LOANS CHECK IN STELLANTIS
Not only. Cdc, or the equivalent of the Italian Cassa Depositi e Prestiti, acquired 6,558 additional ordinary shares, also of Stellantis, for "investment purposes".
UNIQUE PEUGEOT THAT CAN GO TO STELLANTIS
But to understand how much the shareholding balance is in favor of the French, we need to take a step back. And to return to the agreement signed months ago between the two parties: the agreement provides for a period of seven years in which the major shareholders cannot increase the holdings, from the moment in which the merger between the shares of Exor took place, Bpifrance, Dongfeng and the Peugeot family.
But the latter is an exception: and its shares from the current 7.2% can go up to 8.5%, buying the difference from the Chinese of Dongfeng or on the market.
FRANCE BEATS EXOR IN STELLANTIS
Easy, therefore, to reckon. The French, with 6.5% of Bpi and the eventual 8.5% of Peugeot, reach 15%, surpassing the weight of Exor, the company headed by the Agnelli family, which is the first single shareholder, with the 14.4%.
BOARD OF DIRECTORS AND TOP MANAGEMENT OF STELLANTIS
In short, the true dynamics of the operation are also reflected in the shareholding structure: Psa has acquired FCA, it is not an equal merger. And that there is very little in the same way is also understood in the composition of the board of directors: out of 11 members, 6 are from PSA (with Carlos Tavares who is CEO) and 5 are from FCA.
The top management is also French-majority. There are 24 French managers in the top executive team of Stellantis against 18 who come from FCA.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/ecco-come-lo-stato-francese-sperona-exor-in-stellantis/ on Fri, 29 Jan 2021 11:12:57 +0000.