MILAN (Reuters) – The auto industry represents a significant share of the Italian economy and it is right to support those who create jobs, the Deputy Minister for economy, Laura Roman said when asked about Fiat Chrysler’s (theFCHA.MI– ) Requirement for state-backed loans.
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 Italian-American group’s (FCA) said last week that its Italian unit, the search for government guarantees was to help to 6.3 billion euros ($6.88 billion Euro) loan, with the Italian automotive industry, the temperature of the corona virus crisis.
However, according to the Italian law, companies are not able to access to government-guaranteed loans, if you distribute dividends in the year 2020.
The request by the case of FCA Italy, a state-backed loan, which sparked the debate about the possibilities for Rome, the introduction of additional requirements.
“The automotive industry is certainly, together with related activities, a significant proportion of the GDP, and it is right to support those, the creation of jobs around the world. We think,” the Prime Minister, the member of the anti-establishment 5-star movement, told the daily Il Messaggero.
FCA entered into a binding merger agreement with French car maker, Peugeot (PEUP.PAto create the world’s fourth-largest automobile manufacturer. Both companies have said that they would not have to pay, your planned ordinary dividend up to the year 2019 at the latest results.
To pay as part of the transaction, which is expected to be set before the end of the first quarter of next year, FCA, a 5.5-billion-euro special dividend to the investors.
The former industry Minister Carlo Calenda, who is now part of the opposition, said on Twitter that the FCA is not the state of secured loans, if the special dividend has not been paid.
The Minister of economy, Roberto Gualtieri, said on late Tuesday that the future Fusion made it possible to support FCA financially even more important for the city of Rome.
“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.
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Reporting by Francesca Piscioneri and Giselda Vagnoni; editing by Andrew Cawthorne