Venerdì, 21 Settembre 2018

Fiat Industrial to merge with CNH by September


(By Paul Virgo and Emily Backus).
Turin, May 30 - Fiat Chairman John Elkann on
Thursday said Sergio Marchionne should stay on as the carmaker's
CEO beyond 2015 and that the planned merger between Fiat
Industrial and CNH Global NV will be completed by September.
Elkann was speaking as a meeting of Exor, the Agnelli
family investment company that he chairs and which controls Fiat
and it sister company Fiat Industrial.
''Marchionne has spoken about 2015 as the date of his exit
(from Fiat) because he thinks many things will have been
completed by then,'' Elkann told the meeting.
''But having spoken to him, I'm convinced that he will stay
with us for many more years''.
He added that Marchionne had Exor's full backing for his
plan to merge Fiat with Chrysler, which the Italian carmaker
took control after bankruptcy in 2009.
He also said truck-and-agricultural-vehicles-producer Fiat
Industrial's merger with tractor giant CNH Global NV will not
take long.
''There are a series of procedures (to carry out),'' said
Elkann, an Agnelli family heir who is a board member of Fiat
Industrial as well as being the number one at Fiat.
''We believe that between July 4, (American) Independence
Day, and September 1, this new entity should come to life. There
are no problems on the horizon''.
Italian Industry Minister Flavio Zanonato told Radio 24 on
Thursday that he has fixed a meeting with Marchionne to ask
about his plans for Italy.
''What I want to understand from Marchionne is what his
intentions are regarding Fiat's presence in Italy,'' Zanonato
said, alluding to controversy that has swirled around whether
the group may reduce manufacturing in or withdraw headquarters
from Italy given high tax rates, Chrysler's prosperous North
American operations, fist-shaking with Italian unions over
productivity, and now Fiat Industrial's merger with CNH.
''(Fiat) is the biggest company in Italy. It produces
420,000 cars, 30% of which will be sold in Italy. It's not
trivial stuff,'' Zanonato said.
Elkann appeared to prepare ground at least for shifting the
legal and tax headquarters of the new group being formed by Fiat
Industrial and CNH on Thursday.
Elkann said, ''Decisions on the legal and jurisdictional
headquarters are dictated by expedience. Symbolic things for us
have a very low value. What counts is the substance. Italy and
those who work in the Italian plants will have great
opportunities in the new group''.
Elkann explained, ''We are extremely proud of having made a
global company out of Fiat Industrial and CNH that can compete
with very strong products. Smaller headquarters give us the
possibility to structure the corporate aspect, but activities in
Italy will not only exist and remain, but will increase in
''What we produce here and the workers in the Italian
plants have a great opportunity for expansion in the world. What
counts is to have created a great global company and to have
given those who work - among them a large Italian component -
many possibilities for growth,'' Elkann concluded.

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