Fiat Chrysler Automoviles confirms that it will request a loan of 6.3 billion from Italy due to the crisis
The Italian-American group Fiat Chrysler Automoviles (FCA) confirmed in a note that it has begun the procedures to request a loan of 6.3 billion from the Italian State, using the credit lines made available to companies facing problems due to the coronavirus pandemic. .
FCA explained that the process has begun with the Intesa Sanpaolo bank "to complete a three-year line of credit exclusively dedicated to the group's Italian activities and to the support of the automotive supply chain in the country, made up of around 10,000 small and medium-sized companies, after the reopening of the Italian plants in late April ".
The automobile group that closed its factories in Italy for about two months, explained that according to the government decree of support for companies, liquidity can be requested for 25% of consolidated turnover and therefore in the case of FCA in Italy it is 6,300 million euros.
FCA is in the process of negotiating plans for a merger with the French automobile group PSA, manufacturer of Peugeot, Citroën and Opel, and both recently announced that they will not pay the ordinary dividend in 2020 for the 2019 fiscal year, as a consequence of the coronavirus crisis.
Regarding the question of whether FCA, which has its fiscal headquarters in the Netherlands, would be entitled to this loan, which had been mentioned for days, the President of the Italian Government, Giuseppe Conte, stated that he did have the right "to request loans with state guarantees, since it employs thousands of people in the country, despite the fact that its legal headquarters are abroad. "
"We are not talking about the parent company, we are talking about the group companies in Italy, which employ thousands of people," Conte said at a press conference on Saturday.
