Stellantis to dismiss its French Permanent Office?

[iDrive]

The dismission of the French Permanent Establishment of Stellantis (not the principal one in Netherlands, and the other in Italy) seems to be a possibility for Stellantis…

It appears in the Annual Report:

https://fcagroup-preview.gcs-web.com/static-files/65e33e24-65fd-4159-bd4b-e502c96cb396

We also hold permanent establishments in France and Italy.
We maintain a permanent establishment in France to which the assets and liabilities of former PSA were allocated upon the merger for French tax purposes. However, no assurance can be given regarding the existence of a permanent establishment in France and the allocation of each asset and liability to such permanent establishment because such determination is highly fact sensitive and may vary in case of future changes in our management and organizational structure

 

[Bili]

What does it mean?

 

[iDrive]

Maybe, when the French State (via BPi France) will quit the board (it’s an option with Peugeot taking 1.5% of shares, before january 2024), and with the special voting rights at the same time (3 years after the merger), Exor wil have 22% of voting rights, which in IFRS will deem Exor to have Significant Influence AND Control (today, it’s the only shareholding compagny to have Significant Influence) in Stellantis. And maybe, at that time, they will have the choice to dismiss the Permanent Establishment in France…

 

[JasonB]

on dirait qu'il va pleuvoir

 

[AlexB]

Maybe, when the French State (via BPi France) will quit the board (it’s an option with Peugeot taking 1.5% of shares, before january 2024), and with the special voting rights at the same time (3 years after the merger), Exor wil have 22% of voting rights, which in IFRS will deem Exor to have Significant Influence AND Control (today, it’s the only shareholding compagny to have Significant Influence) in Stellantis. And maybe, at that time, they will have the choice to dismiss the Permanent Establishment in France…

For French “We maintain a permanent establishment in France to which the assets and liabilities of former PSA were allocated upon the merger for French tax purposes.”
Remember PSA lost a bunch of money 2010-2015 which offsets Stellantis Net Income Taxes.