The Board of
Directors of Fiat S.p.A. met in Turin under the chairmanship
of Luca Cordero di Montezemolo to approve a corporate
transaction whereby the main shareholdings of Fiat
Partecipazioni S.p.A. (Fiat Group Automobiles, Fiat
Powertrain Technologies, Magneti Marelli, Teksid, Teksid
Aluminum, Maserati), as well as approximately 40 pct of
Iveco and FNH, the controlling entity of CNH, and
approximately 10.5 pct of RCS will be transferred to Fiat
S.p.A.. Fiat S.p.A. already directly holds 100 pct of Comau,
the remaining 60 pct of Iveco and FNH, and 85 pct of Ferrari
S.p.A.
After completion of
the transaction – expected to occur before the end of the
year – Fiat S.p.A. will directly hold the controlling
shareholdings of its industrial Sectors.
The reorganisation,
which will be implemented through a partial spin off in
favour of Fiat S.p.A of the wholly owned subsidiary Fiat
Partecipazioni S.p.A., will simplify the corporate structure
of the Group in line with the most recent market best
practices. Furthermore the transaction will allow a
strengthened operational efficiency, financial optimization,
and the streamlining of the transfer of dividends.
Fiat Partecipazioni
S.p.A. will focus on its activities as service provider and
in the real estate business, both in favour of Group
companies. The transaction will be made at book value and
will therefore have no effect on the Group and Fiat S.p.A..
No withdrawal right will arise from the spin off because
there is no impact on the shareholders of the companies
involved.
