Galaxy Agnelli, Exor in Holland last act of a choice born with Chrysler – Il Sole 24 Ore

The farewell of the galaxy Agnelli in Turin had yesterday the last act, but at least it started seven years ago with the purchase of Chrysler. The blitz in the United States, stroke of genius and shot by Sergio Marchionne luck, has entered into a process of geographical diversification and investments already in place and culminated last year with the acquisition by the company Exor American reinsurer Partner Re.

So in 2016 Italians read Agnelli and think, well at Juventus, to the factories of cars and trucks that the group Italy; international investors see a global group that derives the bulk of sales and earnings from the US market. According to John Elkann the corporate emigration is the “natural evolution” of the globalization process of the group over the last five years, or an ‘adjustment of corporate structures to the scope of the companies. ” To leave Italy “is not a symbolic choice, but natural.” Natural but not obliged, it is true that the twenty giants car (for example) many are globalized and with a dominant role of foreign business, but no one has moved the head office.

Exor, yes to the transfer in the Netherlands

the choice of the “neutral” based in the Netherlands was for Fiat at the time of the merger with Chrysler, also a way to balance the interests of a small purchaser and indebted a bankrupt company that had, however, behind the US government. For Lambs Dutch headquarters it has the advantage of allowing an extremely flexible management of multiple voting rights, which will allow the family to retain cascade control of the group in the event of part of the shares sold. According Elkann, the process has not, however, nothing to do with the attractiveness of the Italian system; President of Exor recalled all the investments made by the group in the country “with Chrysler Fiat Industrial and CNH”; and as for Torino he cited “the important investment of Juventus in the stadium ‘in addition to’ new press will be able to print even the newspaper of Genoa.” In the future will be the volume and consistency of investment, especially in industry, which will be measured if the farewell yesterday to Italy was merely a formal group.

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