Loan FAC: no to the relocation between the conditions

The largest loan of the state of emergency to a european manufacturer, from 6.3 billion euros granted by the Government to Count II to the FCA, has obtained the green light from the Sace, the public company that provides a state guarantee to the regulator (in this case Intesa San Paolo).

The latter, however, would have demanded and obtained, they are now several newspapers in economic and financial conditions that point to focus on Italy, the impact of aid launched to support businesses in the post-Coronavirus.

Among these would be the commitment to not relocate production, even though, does detect The Fact Daily, “the Fca undertakes not to move abroad eight industrial projects out of ten. But only applies to the current versions and their updates, not for vehicles modified in a significant way: namely, that any new models with technical requirements at an advanced level will be produced outside Italy. For the other two projects, there is a guarantee that they will remain in Italy “activities, and facilities design””.

Between the constraints imposed by the executive at the Lingotto, there is also the agreement does not divest the brands Maserati, Alfa Romeo, Fiat, Fiat Professional, Abarth, and Lancia.

With regard to the destination of the sum borrowed, the job should be broken down thus: of the 6.3 billion euro, 800 million for the Italian workers, 1 billion for research and development and 4.5 billion to support payments to approximately 10,000 suppliers. Not only italians, but also foreign (it seems that they represent the 15% of the supplies to the FCA), to which, however, should not be more than 1.2 billion.

There would also be the confirmation of the industrial plan for the Italian factories presented last December: it seems that the executive has ripped at Fiat-Chrysler’s commitment to increase the budget from 5 to 5.2 billion euros. The additional 200 million would be allocated specifically to the plant in Melfi. Finally, the promise of full employment: it has been postponed to 2023.

In the framework of the conditions there is, finally, also the topic of distribution of dividends: confirmed the prohibition to distribute dividends to ordinary in the course of 2020, now it seems that there is the free way to the extraordinary dividend announced after the official announcement of the start of the project, the merger with PSA.