Italy gives conditional approval to Comau stake sale by Stellantis
Adds more detail from paragraph 3
ROME, Oct 10 (Reuters) -Italy's cabinet on Thursday approved with conditions the sale by carmaker Stellantis STLAM.MI of a majority stake in its robotics business Comau to One Equity Partners, two people familiar with the matter told Reuters.
So-called golden power legislation gives Rome the right to block or set prescriptions on deals involving Italian companies that operate in strategic sectors.
The transaction envisages OEP Heron MidCo, a company owned by One Equity Partners, acquiring 100% of Comau.
One Equity will hold 50.1% of OEP Heron MidCo and Stellantis the remaining 49.9%, according to the people, who did not disclose the conditions set by the government.
Stellantis did not immediately respond to a request for comment.
The deal has been criticised by Italian trade unions, which called on Prime Minister Giorgia Meloni's government to intervene.
One Equity invests in businesses in the industrial, healthcare and technology sectors in the United States and Europe.
Comau's 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-U.S. conglomerate that includes the Jeep, Peugeot, Fiat and Opel brands, among others.
Reporting by Giuseppe Fonte; Editing by Gianluca Semeraro and Mark Potter
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
