Fiat Chrysler's decision to scrap its dividend marks another setback for plans by the Agnelli family's Exor arm to raise cash after a $9 billion sale of its reinsurer unit PartnerRe collapsed this week.
) arm to raise cash after a $9 billion sale of its reinsurer unit PartnerRe collapsed this week.
Exor, led by Agnelli scion John Elkann and FCA’s controlling shareholder with a 28.9% stake, will miss out on around 320 million euros in cash at a time when two deals to reshape its portfolio of businesses have either been scrapped or delayed. Some saw that as a warning shot to PSA not to try the same tactics with FCA where Elkann is the chairman.
The decision to scrap payment of ordinary dividends, which had been announced in December as part of the tie-up agreement between the two automakers, did not alter the terms of the deal as both companies took the same step. Marco Opipari, an analyst at Fidentiis, said the merger was essential to the two group’s long-term competitiveness, especially in the current scenario, but that some terms of the agreement could be rediscussed.
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