Stellantis set to secure Italian approval for Comau stake sale, says source
5:28 am Wednesday, October 09th, 2024
ROME (Reuters) -Carmaker Stellantis is on course to secure Italian government backing for its planned sale of a majority stake in robotics business Comau to One Equity Partners, a source close to the matter said on Wednesday.
So-called golden power legislation gives the government the right to block or set conditions on deals concerning Italian companies that operate in strategic sectors.
Speaking on condition of anonymity, the source said the government was leaning towards conditional approval of the Comau transaction.
One Equity, which invests in businesses in the industrial, healthcare and technology industries in the United States and Europe, is expected to take a 50.1% stake in the company, with Stellantis retaining the remaining 49.9%, Reuters reported previously.
The deal has been criticised by Italian trade unions, which called on Prime Minister Giorgia Meloni’s government to intervene.
A Comau spin-off from Stellantis was part of agreements between Fiat Chrysler and France’s PSA, which merged in 2021 to create Stellantis, a Franco-Italian-US conglomerate which includes the Jeep, Peugeot, Fiat and Opel brands.
(Reporting by Giuseppe FonteEditing by Alvise Armellini and David Goodman)
