Italy does not need to be a shareholder in Stellantis, according to Chairman Elkann

In response to calls from business lobby groups for Italy to invest directly in the firm, Stellantis (STLAM.MI) Chairman John Elkann said on Thursday that the carmaker does not require the Italian state as a shareholder because it is in good form.

Paolo Scudieri, the chairman of the Italian automotive organization ANFIA, was quoted in Il Sole 24 Ore earlier on Thursday as saying that Rome’s direct investment in Stellantis was «necessary» and «right» as a counterbalance to the French state’s ownership.

With a stake of about 6% in the Franco-Italian automaker, the French government—a former stakeholder in Peugeot manufacturer PSA, which in 2021 combined with Fiat Chrysler to establish Stellantis—is now a «relevant» shareholder.

Elkann, the CEO of the Italian Agnelli family’s investment firm Exor (EXOR.AS), claimed that PSA’s prior struggles, which necessitated French government involvement, justified France’s stake in Stellantis. With a 14% stake, Exor is the sole major shareholder in Stellantis.

Adolfo Urso, the current minister of industry and the former chair of the COPASIR parliamentary committee on security, advocated for the state lender CDP to acquire a stake in Stellantis last year, prior to the September elections that brought Giorgia Meloni’s center-right government to power.

According to a draft bill seen by Reuters, Urso is one of the supporters of a new strategic investment fund Rome is establishing that may allow the government to purchase holdings in publicly traded companies outside of the financial sector and adopt a more activist industrial policy.

However, a requirement that the fund can only engage in businesses with Italian headquarters appears to bar investments in Stellantis, which has its legal headquarters in the Netherlands.