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Convincing selling.  Now Elkan explains it to us

Convincing selling. Now Elkan explains it to us

The position of Carlo Tavares, CEO of Stellantis, who threatened to close the Mirafiori and Pomigliano plants, is not surprising if the Italian government does not soon reach into its wallet to support electric vehicle production in Italy with more favorable incentives. It is not arrogance, but rather the determination of a company leader who knows that he is moving in one of the most ruthless and competitive industrial sectors, the automotive sector, and therefore takes the paths that he deems most appropriate to achieve the company's goals. Of course, the fact that Stellantis favors production in France or in dependent countries, at the expense of those in Italy, makes us jump because we feel betrayed, treated like a distant province of the empire when we participated as heroes in building the empire. empire. However, it makes no sense to protest the claims of those who lead it today: whether he likes it or not, he is doing what he is called to do. It is not worth delving into the merits of his requests, which the sender will certainly reject, whether they are appropriate or not (although the nightmare of Chinese progress is bound to prompt some reflection).

Instead, we should ask ourselves how the main Italian industrial group, which Sergio Marchionne brought back to world honor as Fiat Chrysler Automobiles (FCA), could have become a handmaiden to the French company. Peugeot (PSA), whose circumstances were certainly no better. A question that should be directed to shareholder John Elkann, who did not hesitate to conclude a sale agreement for an interest over everything he owns in Exor, regardless (…)

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(…) From the fact that Italy – from which Fiat received many billions in subsidies in various forms over decades – would have represented a huge loss of its industrial strength and image. So much so that a wise, albeit biased, figure like Romano Prodi did not hesitate to speak of a “shameful betrayal.” He was the only one among the political leaders who raised his voice. Indeed, Giuseppe Conte, who was prime minister for the second time at the time, spoke openly of “a great opportunity for the country.” It was precisely his government that in June 2020, on the eve of the merger that would have created Stellantis, allowed within twenty-four hours the disbursement of the state guarantee for a $6.3 billion loan granted by Intesa Sanpaolo.

By force of coincidence, within a few weeks, FCA shareholders will receive a massive $5.5 billion dividend plus a rich giveaway in Comau shares. Why this stunning impoverishment of FCA assets? Everything was explained by the reduction that was necessary in order for the merger between FCA and PSA to be on an equal footing. Reviewed today in the form of a trailer, this film cannot but arouse great curiosity, also in light of the fact that in April 2020, that is, three months ago, Elkann announced the acquisition of the Gedi Publishing Group, which owns the newspaper Al-Jumhuriyya. .

Past history, some would say; But those events revisited more closely suggest a reading that makes it easier to understand what is happening today: since it was not a merger but a real transition, why should we be surprised if the new owners threaten to undo Mirafiori, the heart and history of the glorious Fiat company? Fiom and CGIL did not utter a single word at the time of this exchange: today they are called upon to explain why to thousands of workers who risk their jobs.

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