Exor and Peugeot family near pact:John domniate with nearly half the vote

[AlexB]

That round package of the new car giant will end up at the Peugeot family as part of that 8.5% strengthening already foreseen precisely because the transalpine dynasty can only go up by buying from the Chinese partner (which however will sell to the PSA group), from the Government or on the market. In this way the French front is potentially reduced to 12%, therefore behind Exor which remains at the top of the list of shareholders with 14%.

In this context, an agreement between Exor and the Peugeot family would armored 22.5% of the car giant. A weight that, if the quota were to be maintained for three years, would be almost double in terms of voting rights.

Ferrari model for Fca-PsaJohn Elkann, Exor's number one and prospectively president of the new Fca-Psa, had already opened in recent months to the option of the pact with the French partner. Exor, he declared on the holding investor day, will be the first shareholder of the new giant with a share of around 14%, and the intention is to play, as already done in the past, the role of reference shareholder of the group, also in terms of governance.

In the new company, with the Peugeot family "we will give our maximum stability and encouragement" with the conviction "that these companies (FCA and PSA) together can realize their potential," he said. In this regard, the representative of the Turin dynasty cited the Ferrari model where the alliance between the Agnelli family and the descendants of the founder of the Maranello house for years has guaranteed full control of the Rossa through a consultation agreement. John Elkann did not rule out the possibility of adopting a similar form also in the future FCA-PSA.

Fca-Psa, Agnelli e Peugeot al lavoro su un patto leggero

Tra i grandi soci si inizia concretamente a valutare l’ipotesi di un’intesa che garantisca stabilità al nuovo colosso nascente.

www.ilsole24ore.com

Asked by regional French newspaper L’Est Republicain if raising the stake was a major objective, Jean-Philippe Peugeot, who heads the family’s Etablissements Peugeot Freres holding company, replied that it was.

“There was a complex negotiation in order to obtain this possibility. It wasn’t necessarily a foregone conclusion. Once the merger is complete, my family will give favorable signals,” Peugeot told the newspaper.
A PSA spokesman told Reuters that Peugeot’s remarks were “in line with what had been indicated” when the deal signed. FCA declined to comment.
Peugeot also said that he expected the French state, represented through Bpifrance, to eventually exit the new company.
“I think that it is not meant to be there forever. It will undoubtedly remain long enough to make sure that (French) jobs are safe over time,” he said

Peugeot family aims to quickly raise PSA-Fiat Chrysler stake: newspaper interview

The Peugeot family, which will own a 6.2% stake in the new carmaker resulting from PSA <PEUP.PA> and Fiat Chrysler's <FCHA.MI> merger, aims to increase its holding as soon as possible, a representative said in a newspaper interview.

www.reuters.com

Depending on size of the Peugeot family purchase, on the third anniversary of the Merger closing, the pact voting power would be around the 50% level. For idea of how such pact would be like in reality:

MILAN (Reuters) - The top two investors in Ferrari have signed a shareholder pact giving them a total voting power of nearly 50 percent to keep firm grip on the sports car maker after it separates from Fiat Chrysler Automobiles.
Under the pact Exor,the Agnelli family investment company, and Piero Ferrari, son of the sports car maker founder, will consult each other over issues to be discussed at general shareholders meeting.

In addition, in the case of Ferrari shares transferring to other investors, Exor will have a pre-emption right to buy the shares while Piero Ferrari could exercise a right of first offer, the Agnelli family investment company said in a statement.
“Now that Ferrari is beginning a new chapter in its story, our two families have signed this agreement in order to provide all the stability necessary to guarantee Ferrari’s strength and its uniqueness for the future,” Exor’s Chairman and CEO John Elkann said.

Top two Ferrari investors sign pact over 48.8 percent of voting rights

The top two investors in Ferrari <RACE.N> have signed a shareholder pact giving them a total voting power of nearly 50 percent to keep firm grip on the sports car maker after it separates from Fiat Chrysler Automobiles <FCHA.MI>.

www.reuters.com

 

[Bili]

Ah, it's nothing new. I pointed to this long time ago thanks to my friend @MJAB.