ROME/MILAN (Reuters) – Italy view in the Fiat-Chrysler (theFCHA.MI) planned 5.5 billion Euro ($6 billion), the pay-out as part of the merger with Peugeot, after the Italian-American car, asked a farmer, a 6.3 billion-euro state-backed loan, a senior government source said.
A FILE PHOTO of New Fiat 500 electric cars to be displayed at a Fiat Chrysler event to unveil its first electric model in Milan, Italy, 4. March, up to the year 2020. REUTERS/Flavio Lo Scalzo
The possible payout of a large dividend, to be triggered at a time when the corona-virus-crisis in the cash-starved manufacturers are pushing for assistance from an already -, they relate primarily to the heavily indebted state, criticism from within the government coalition.
“In the talks with the group, which was not a special dividend of an item discussed at the moment. But, if you ask me whether the government no conditions in the near future, I would reply that it is too early to say,” the government source told Reuters on Tuesday.
Fiat-Chrysler (FCA) said last week that its Italian division, and worked with the government to help 80% of the state guarantees on a 6.3 billion-euro three-year loan, the weather of the pandemic.
The loan would be a part of the more than 400 billion euros for Italy, it makes a company to the pandemic. According to the plan, your company has access to government-guaranteed loans are not pay off until the end of 2020.
Under the loan, the case of the FCA, the distribution of the extraordinary dividend, as the bill is not expected until 2021, and would be from its parent company, Fiat Chrysler Automobiles NV in the Netherlands. would not legally bar
“Most of us are against the payment of large dividends in the case of the FCA, an outstanding source for the out 5-star movement, told Reuters.
The former industry Minister Carlo Calenda, who is now part of the opposition, also said on Twitter that the FCA is not the state of secured loans, if the special dividend were not paid.
However, the Minister of economy, Roberto Gualtieri, said on Tuesday that the future of the merger was the support of the FCA financially much more important, in an obvious sign that the government is in favour of the plan to create the world’s fourth largest car manufacturer.
“What the government has done and continues to do, is to provide liquidity to said anchor, in the case of the FCA in Italy,” he said.
The FCA and the Peugeot owner, PSAPEUP.PA) this week its planned ordinary dividend-payout scrapped to 2019 the results of the last one, in value of 1.1 billion euros in cash for each company due to the pandemic.
As part of the binding merger agreement, in the case of the FCA, the shareholders also pay a special dividend of 5.5 billion euros shortly before the close of the transaction, which is expected before the end of the first quarter of 2021.
Additional reporting by Francesca Piscioneri and Giselda Vagnoni in Rome; Writing by Giulio Piovaccari; editing by Andrew Cawthorne and David Clarke