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30 minutes before the opening of U.S. stock market.
30 minutes before the opening of U.S. stock market.
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John Elkann Wall Street Conference Call: Thursday 9:00 AM U.S. ET
- Thread starter AlexB
- Start date
John called GM's suit groundless and FCA will defend itself vigorously.John stated he personally was involve in GM takeover, and nothing new is GM's suit.But to himself personally ,Sergio isn't here to defend himself against GM's baseless claims.
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Isn't GM suit part of some books? I think it's avalaible only in Italian.
Basically all had failed when Buffet refused to back Exor/FCA. He thought that Mary need time to prove she is capable CEO. She was fresh at position.
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Gruppo FCA - Elkann: "Entro fine anno il memorandum d'intesa con PSA"
The memorandum of understanding for the merger between Fiat Chrysler and the PSA group is expected to arrive by the end of the year as per the roadmap repeatedly outlined in the last few weeks after the preliminary agreement reached at the end of October. "Looking at how the FCA and PSA teams are working, I would say that I am encouraged that by the end of the year we will have a binding agreement. From here to the end of the year we will have a Memorandum of Understanding," said the president of the Italian-American manufacturer. John Elkann, during a press conference organized before an Exor holding event.
No hitch from GM . Therefore, as already leaked in the last few hours, General Motors' report of alleged bribes paid to Uaw unionists does not represent an obstacle for negotiations with the French, nor is it a source of concern. "The cause will be dealt with in the right places. It has no foundation and as such does not worry us," stressed Elkann. "Personally I am sorry that false accusations are made against a person who has done so much as Sergio Marchionne who is not here to defend himself," added the nephew of the lawyer Agnelli, referring to what was stated yesterday by the GM on the role held by the late CEO , accused of having been "a central figure in the conception, execution and promotion of a
Manley's letter . "We will not be held back by this initiative," CEO Mike Manley added, in a letter sent to employees, stressing that the "complaint revises a series of salacious public charges on pending legal issues in Detroit and, by a first analysis, beyond unsustainable speculations, does not present any new documented accusation ". Manley, in reiterating FCA's intention to defend itself "energetically", thanks the employees "for the work you have done and continue to do to create an extraordinary company" and therefore invites them to keep "our performance level high because has clearly worried some of our competitors ".
Exor will guarantee stability to FCA-PSA. Elkann also provided reassurance on the role of the Agnelli holding company in the new group. The Turin family, accused of wanting to leave the auto sector, should move from the current 29% of Fiat Chrysler's capital to 14% of the new partnership, where the other significant partners with 6% each will be the French government, the Chinese of Dongfeng and the Peugeot heirs. "We underlined Elkann - we strengthened our commitment in the car sector compared to ten years ago. The share weight that Exor will have in FCA-PSA will be that of a reference shareholder". Not only. An agreement with the French family is not excluded to armor the control of the new group along the lines of what was done for Ferrari with a pact of consultation with Piero Ferrari. "Relations with the Peugeot family are very good, both on their part and on our part there is the will to guarantee stability and it is a strength that the two founding families are. How the relationship will develop is to be studied, but for our part it is certain that we will give maximum encouragement and support so that companies can do their best, "Elkann emphasized." We have always participated as a family in the development of car and over the years we have strengthened our commitment to the car "as seen in the merger between Fiat and Chrysler and as will be seen again" with what will become FCA with PSA ".
PSA chosen for its profitability . The transalpine group has been praised above all for the relaunch of its economic and financial performances: "they have done an extraordinary job. Now we have two companies that have achieved extraordinary results", in particular FCA in the USA and PSA in Europe. And it is the Old Continent that represents one of the factors behind the decision to open a negotiating table with the French captained by Carlos Tavares. "PSA is the group with the highest profitability in Europe" and therefore represents an even better solution than Renault. The merger project with the House of the Lozenge has jumped due to the obstacles of French politicsbut Elkann does not seem disappointed in the end: "with them the negotiation has not ended badly, it simply has not continued". Certainly the merger between FCA and PSA "is an operation that strengthens both."
Criticisms of Vettel and Leclerc . Elkann also spoke about the outcome of the last Formula One Grand Prix in Braziland in particular on the clash between the two Scuderia Ferrari drivers, Sebastian Vettel and Charles Leclerc. "What happened on Sunday not only made me very angry, but made us understand that Ferrari is important in Ferrari", he claimed in his capacity as president of the House of Maranello. "Certain behaviors of pilots are not acceptable. Whoever they are and however good they are, they must never forget that the only aspect that matters is that Ferrari wins and on this aspect Binotto is very clear". Elkann spoke of a "positive season" for the Rossa especially if we look at the number of pole positions, never so high since 1970. "Unfortunately we were not able to convert the pole positions into victories", he admitted with regret.
The memorandum of understanding for the merger between Fiat Chrysler and the PSA group is expected to arrive by the end of the year as per the roadmap repeatedly outlined in the last few weeks after the preliminary agreement reached at the end of October. "Looking at how the FCA and PSA teams are working, I would say that I am encouraged that by the end of the year we will have a binding agreement. From here to the end of the year we will have a Memorandum of Understanding," said the president of the Italian-American manufacturer. John Elkann, during a press conference organized before an Exor holding event.
No hitch from GM . Therefore, as already leaked in the last few hours, General Motors' report of alleged bribes paid to Uaw unionists does not represent an obstacle for negotiations with the French, nor is it a source of concern. "The cause will be dealt with in the right places. It has no foundation and as such does not worry us," stressed Elkann. "Personally I am sorry that false accusations are made against a person who has done so much as Sergio Marchionne who is not here to defend himself," added the nephew of the lawyer Agnelli, referring to what was stated yesterday by the GM on the role held by the late CEO , accused of having been "a central figure in the conception, execution and promotion of a
Manley's letter . "We will not be held back by this initiative," CEO Mike Manley added, in a letter sent to employees, stressing that the "complaint revises a series of salacious public charges on pending legal issues in Detroit and, by a first analysis, beyond unsustainable speculations, does not present any new documented accusation ". Manley, in reiterating FCA's intention to defend itself "energetically", thanks the employees "for the work you have done and continue to do to create an extraordinary company" and therefore invites them to keep "our performance level high because has clearly worried some of our competitors ".
Exor will guarantee stability to FCA-PSA. Elkann also provided reassurance on the role of the Agnelli holding company in the new group. The Turin family, accused of wanting to leave the auto sector, should move from the current 29% of Fiat Chrysler's capital to 14% of the new partnership, where the other significant partners with 6% each will be the French government, the Chinese of Dongfeng and the Peugeot heirs. "We underlined Elkann - we strengthened our commitment in the car sector compared to ten years ago. The share weight that Exor will have in FCA-PSA will be that of a reference shareholder". Not only. An agreement with the French family is not excluded to armor the control of the new group along the lines of what was done for Ferrari with a pact of consultation with Piero Ferrari. "Relations with the Peugeot family are very good, both on their part and on our part there is the will to guarantee stability and it is a strength that the two founding families are. How the relationship will develop is to be studied, but for our part it is certain that we will give maximum encouragement and support so that companies can do their best, "Elkann emphasized." We have always participated as a family in the development of car and over the years we have strengthened our commitment to the car "as seen in the merger between Fiat and Chrysler and as will be seen again" with what will become FCA with PSA ".
PSA chosen for its profitability . The transalpine group has been praised above all for the relaunch of its economic and financial performances: "they have done an extraordinary job. Now we have two companies that have achieved extraordinary results", in particular FCA in the USA and PSA in Europe. And it is the Old Continent that represents one of the factors behind the decision to open a negotiating table with the French captained by Carlos Tavares. "PSA is the group with the highest profitability in Europe" and therefore represents an even better solution than Renault. The merger project with the House of the Lozenge has jumped due to the obstacles of French politicsbut Elkann does not seem disappointed in the end: "with them the negotiation has not ended badly, it simply has not continued". Certainly the merger between FCA and PSA "is an operation that strengthens both."
Criticisms of Vettel and Leclerc . Elkann also spoke about the outcome of the last Formula One Grand Prix in Braziland in particular on the clash between the two Scuderia Ferrari drivers, Sebastian Vettel and Charles Leclerc. "What happened on Sunday not only made me very angry, but made us understand that Ferrari is important in Ferrari", he claimed in his capacity as president of the House of Maranello. "Certain behaviors of pilots are not acceptable. Whoever they are and however good they are, they must never forget that the only aspect that matters is that Ferrari wins and on this aspect Binotto is very clear". Elkann spoke of a "positive season" for the Rossa especially if we look at the number of pole positions, never so high since 1970. "Unfortunately we were not able to convert the pole positions into victories", he admitted with regret.