John Elkann: “Marchionne will remain active for years to come”
There were a lot of signs yesterday indicating that a complete takeover of Chrysler by Fiat SpA is finally right around the corner. There was not only the rumor of a financing of 10 billion euros by several banks, but also the complete support of the overarching company Exor, which the Agnelli-family owns, was pronounced. Furthermore, there is a theoretical chance that there will be an agreement with the VEBA even before the judge of Delaware gives his verdict next month on the pricing of the first 3,3% remaining shares. The completion of this takeover is of major importance to Exor.
This is what the boss of this group, John Elkann, said yesterday during a gathering in the Fiat Industrial Village in Turin where he spoke to the press. The recent transformation of Fiat Industrial, too, was further explained by a brisk-looking Elkann. Fiat Industrial is the most valuable department of the group at the moment and represents a third of the entire revenue. The fusion with CNH, an IPO at Wall Street and new global investments will only make this Italian firm for vans, trucks and agricultural vehicles stronger, so said the grandson of Gianni Agnelli.
Finally, then, Elkann also had a rather surprising message about the workaholic Sergio Marchionne, who, so he claimed, will stay active within the Fiat Group for many years to come, even after the takeover of Chrysler is dealt with. Even after 2015, too. That is a remarkable statement to say the least, given the fact that the CEO in dark sweater himself has already mentioned a possible departure once the takeover in Detroit is done.