Stellantis: Elkann sees Mattarella, Giorgetti and Panetta. Denies merger hypothesis with Renault
Stellantis chairman John Elkann denied recent rumours of consolidation in the automotive sector, with, in particular, merger or partnership scenarios between the group and French Renault
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"There are no plans under study regarding mergers of Stellantis with other manufacturers. The company is focused on the execution of the Dare Forward strategic plan and the timely implementation of the announced projects to strengthen its business in every market where it is present, including Italy'. This is how Stellantis chairman John Elkann denied recent rumours of consolidation hypotheses in the automotive sector, with, in particular, merger or partnership scenarios between Stellantis and Renault. 'In this framework, Stellantis is committed to the automotive table promoted by the Ministry of Enterprise and Made in Italy (Mimit), which sees the Italian government united with all the players in the supply chain in the achievement of important common objectives to face the challenges of energy transition together,' Elkann stressed.
Elkann's meetings in Rome
Today, Tuesday, 6 February, was packed with institutional meetings in Rome for Stellantis chairman John Elkann, who - according to Ansa - met with Economy Minister Giancarlo Giorgetti, Head of State Sergio Mattarella, US Ambassador to Italy Jack Markell, Carabinieri Commander General Teo Luzi, and Bankitalia Governor Fabio Panetta. The meetings, which had been planned for some time, provided an opportunity to take stock of the group's Italian activities. Elkann reiterated his commitment to implementing the industrial projects underway and to the activities of common interest that were the subject of the round table at Mimit
Meanwhile, Stellantis informed the unions of a full month of lay-off in March for the 2,260 Mirafiori workers. The lines of the Maserati and electric 500 will not stop completely, but will work only one shift.
The hypothesis of a grand alliance between Stellantis and Renault at the Stock Exchange test
After a weekend in which rumours intensified of manoeuvres underway to create a new colossus, with a French centre of gravity, 7 million cars and over 220 billion in turnover, the market has now tried to think about the operation hypothesised but on which Elkann's denial has rained down. The design, however, seems suggestive to insiders who believe a new wave of consolidation is necessary to reduce costs, especially for small electrics, and stem the Chinese advance.
The first simulations
.According to initial simulations, the group that would emerge from the merger would have a capitalisation of more than 70 billion with the major French shareholders leading the podium. The French government today holds 6.4% of Stellantis, which corresponds to voting rights for almost 10%, but at the same time is present in Renault with 15%. Assuming a paper-for-paper merger, according to traders, the transalpine State's holdings could be around 10%, equalling the Agnelli family's Exor which, with 14.9% in Stellantis, would be diluted. The Peugeot family, which holds a 7% stake in Stellantis, would then underpin the shareholding and the Paris takeover. We shall see.
