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Venice Workshop - Workshop di Venezia
Press clippings - Rassegna Stampa
Hotel St. Regis Venice San Clemente Palace, 5 e 6 giugno 2015
Print edition - Stampa cartacea
Pag. 3 - Corriere della Sera - Marchionne rilancia sulle alleanze “e potrei restare oltre il 2018”
Pag. 4 - Corriere della Sera - Marchionne: fusioni nell’auto? Piacciono agli investitori
Pag. 5 - La Gazzetta del Mezzogiorno - “Ferrari a Wall Street a ottobre”
Pag. 6 - Il Sole24 Ore - “Auto, il mercato vuole le fusioni”
Pag. 7 - Il Sole24 Ore - “Ridurremo il debito, l’inflazione aiuterà”
Pag. 8 - Il Sole24 Ore - “Ferrari a Wall Street in ottobre. Marchionne: se me lo chiedono resto oltre
il 2018”
Pag. 9 - La Repubblica - Marchionne: “Missione da completare sono pronto a restare fino al 2018”
Pag.10 - La Stampa - La vera sfida dell’economia digitale
Pag.11 - Il Secolo XIX - Fca, Marchionne: Disponibile a restare anche oltre il 2018
Pag.12 - Il Messaggero - Fca, Marchionne:“Se me lo chiedono resto oltre il 2018”
Pag 13 - La Nuova di Venezia e Mestre - Padoan: “L’Italia ce la farà a ridurre il debito”
Pag. 14 - Wall Street Journal - Fiat Chrysler Delays Ferrari IPO
Pag. 15 - Wall Street Journal - Chrysler Boss Recruits Activists to Prod GM into a Merger
Agenzie stampa - News agencies
Pag. 17 - Askanews - Libia, Gentiloni: Italia pronta ad assumere un ruolo guida “Per sostenere un
governo unificato che porti democrazia”
Pag. 18 - Ansa.it - Fca:Marchionne non molla su Gm, il progetto fusione va avanti
Pag. 19 - Ansamed.it -
Pag. 20 - Bloombergs Business - Fiat delays Ferrari IPO to October following tax ruling
Pag. 21 - Bloombergs Business - Ferrari Spinoff Sets Up Fiat Chrysler for Another Deal
Pag. 23 - Bloombergs Business - Italy’s Padoan Says He Would ‘Love’ a Strong TTIP Agreement
Pag. 24 - Bloombergs Business - Fiat Chrysler CEO Sees Consolidation Urgency in Car Industry
Pag. 25 - First online - Ferrari, Marchionne: closing quotazione del 10% il 12 ottobre
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Web Edition - Stampa Online
Pag. 27 - Il Gazzettino.it - Padoan: ridurremo il debito e l’inflazione ci darà una mano
Pag. 28 - LaStampa.it - Marchionne: “Potrei restare alla guida di Fca anche dopo il 2018”
Pag. 30 - Les Echos.fr - Loukas Tsoukalis: «La fin du mois est la limite absolue pour un accord
entre Athènes et ses créanciers»
Pag. 32 - The New York Times - Tsipras Declares Creditors’ Debt Proposal for Greece ‘Absurd’
Pag. 33 - Politico.com Pro’s Morning Energy, presented by FuelsEurope - Climate battle in
Germany - LNG over lunch in Luxembourg
Pag. 37 - Rai News - FCA, Marchionne: “Potrei restare dopo il 2018 se me lo chiedono”
Pag. 38 - Rai News - Marchionne: “Quotazione Ferrari non prima del 12 ottobre. Se me lo
chiedono, resto oltre 2018”
Pag. 39 - Rai News - Padoan ridurremo il debito pubblico, un po’ di inflazione aiuterà”
Pag. 40 - Venice on air.com - Libia. Italia pronto per ruolo guida, secondo Ministro Esteri
TV - Servizi radiotelevisi
Class cnbc Milano Finanza - Marchionne: Potrei rimanere dopo il 2018; 5 giugno
Rai Tg Veneto - Edizione delle 19:30; 5 giugno
Rai Tg Veneto - Edizione delle 19:30; 6 giugno
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online, 5 giugno
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Fiat Chrysler Delays Ferrari IPO
Share sale must occur one year after completion of parent’s merger, CEO Marchionne says
ERIC SYLVERS
VENICE— Fiat Chrysler Automobiles NV Chief Executive Sergio Marchionne Friday said the initial share sale
of its Ferrari luxury sports car maker will slip to the fourth quarter due to technical reasons.
The first possible day for the IPO is Oct. 13, said Mr. Marchionne on the sidelines of a conference. The IPO,
announced last year, was first set to take place by June and then was pushed back to the third quarter.
Mr. Marchionne said the delay had to do with when Fiat Chrysler, which is domiciled in the U.K., can book
the gain from the sale.
“The attorney told me we had to wait” until a year has passed since the Oct. 12, 2014, completion of the
merger that produced Fiat Chrysler, said Mr. Marchionne. He didn’t make clear why Fiat Chrysler hadn’t
considered the issue when it had announced previous timings for the share sale.
“The attorney told me we had to wait” until a year has passed since the Oct. 12, 2014, completion of the
merger that produced Fiat Chrysler, said Mr. Marchionne.
Fiat Chrysler is planning to sell 10% of Ferrari in the IPO and distribute the other 80% it owns in the sports-
car maker to shareholders. That spinoff is still scheduled for the beginning of next year. Fiat Chrysler shares
have surged since the announcement of the IPO and spinoff as investors and analysts debate the value of
Ferrari, with estimates ranging from €4 billion to more than €10 billion.
Mr. Marchionne, who has been vocal about the need for mergers in the auto industry to cut development
costs, also said that if a “consolidation process” had begun and he was asked to stay on he would remain
beyond his previously self-imposed 2018 retirement date. Mr. Marchionne, 62, said the delay isn’t
connected to Fiat Chrysler’s desire to find a merger candidate in the meantime.
Recently Fiat Chrysler Chairman John Elkann confirmed the company had proposed a merger with General
Motors Co., which rejected the advance. He said contact had been made with several other rival car
makers, though he didn’t give details. Friday, Mr. Marchionne said Fiat Chrysler has reached out to its
Chinese joint venture partner Guangzhou Automobile Industry Group Co. to discuss consolidation, but
added that a deal there is unlikely because there is little opportunity for cost savings.
“I don’t know why people are focusing on China,” Mr. Marchionne said at the conference held by The
Council for the U.S. and Italy, a group that seeks to foster ties between the countries. “It’s important and
you have to worry about implications in that region, but the big issue is where do you find the highest
degree of commonality of intent and development to reduce capital costs.”15
online, 8 giugno
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Chrysler Boss Recruits Activists to Prod GM Into a Merger
Sergio Marchionne believes hedge funds can sway rival’s board to accept his entreaties
By ERIC SYLVERS And JOHN D. STOLL
Fiat Chrysler Automobiles NV Chief Executive Sergio Marchionne is reaching out to hedge funds and other
potential allies to prod General Motors Co. into a merger, according to people familiar with the matter.
His pursuit of outside investors is only the latest move in Mr. Marchionne’s drive to find a partner for the
Italian-American auto maker, which logged $108 billion in sales in its most recent fiscal year. But contacts
with activist investors—only months after GM agreed to hedge fund demands to buy back billions of dollars
in stock—have yet to land a patron, these people said. A similar strategy could be employed with at least
one European auto maker, they added.
His high-profile calls for industry consolidation have led some analysts to characterize Mr. Marchionne’s
pitch as a desperate one, reflecting Fiat Chrysler’s weak operating margins. Although the company is now
profitable, a potential industry downturn and the future costs of meeting emissions regulations and
investing in new technology leave sizable risks. Fiat Chrysler declined to comment.
Mr. Marchionne has been emboldened by the recent success of activists at GM, the people said, and views
them as a means to force consolidation on the fragmented auto industry. The 62-year-old executive has
argued for months that excess production, especially in Europe, and duplicate engineering and other costs
need to be addressed to boost profitability. He took his rationale to several auto makers around the world
with the support of the company’s chairman.
GM resisted Fiat Chrysler’s more recent entreaties, including an appeal earlier this year to Chief Executive
Mary Barra for a merger of the two companies. GM has broader scale and has transitioned many of its
products to global vehicle architectures, an important move that reduces duplication and boosts
production efficiency.
“We have scale, and we have leveraged the opportunities where we could benefit from partnerships,” said
Ms. Barra on Tuesday before the company’s shareholder meeting in Detroit.
With margins well below rivals, Fiat Chrysler hardly makes an attractive merger partner. Its North American
operating margin, for instance, was 3.7% of sales in the first quarter, half of GM’s.
GM has an acrimonious past with Fiat and Mr. Marchionne, who in 2005 got the American company to pay
$2 billion to get out of an obligation to buy Fiat’s ailing auto business. That fallout also led to the companies
dissolving a five-year-old partnership to jointly produce engines and transmissions.
GM is about a decade into an internal consolidation that executives see as having effectively lopped off
billions of dollars in costs and positioned the company toward achieving a leading position on return on16 invested capital. Ms. Barra has routinely said the management team won’t entertain distractions from that goal. A team of activist investors, led by former hedge-fund manager Harry Wilson, approached Ms. Barra earlier this year pushing GM to agree to buy back $8 billion of its own stock. GM, which had already announced a costly dividend plan and was considering additional steps to reward shareholders, agreed to a $5 billion buyback, saving Ms. Barra from further spats over board seats. GM shares closed at $34.99 on Monday, about $2 higher than its IPO price in 2010. Mr. Marchionne sees the success of Mr. Wilson’s team of hedge funds, which included Taconic Capital Advisors LLC, Appaloosa Management LP, HG Vora Capital Management and Hayman Capital Management LP, as reason to consider a more aggressive approach toward GM. Mr. Marchionne thinks GM’s liquidity would be better spent on boosting scale rather than buying back shares, one person said. Ms. Barra’s willingness to work with activists suggests another investor could lure GM again to the negotiating table, a person familiar with the situation said. In a note to investors on Monday, Morgan Stanley auto analyst Adam Jonas said “mergers are fraught with execution risk and there are many examples of failure in this industry.” He has noted, however, that unlike Ford Motor Co. and other major auto makers, GM doesn’t have defense mechanisms that would allow it to prevent investors from using a stake to promote short-term interests. Mr. Jonas said in April that GM could allay activist investors by addressing which product lines it is investing in, which geographic regions it is pursuing, which technological initiatives it is betting on, the pace of rebuilding an in-house captive finance capability, and what level of capital is committed to strategic tie-ups. “We are not suggesting that activism cannot offer much needed strategic focus or guidance. It can,” Mr. Jonas said at the time. Mr. Marchionne has confirmed he reached out to other executives in recent months. Last week, he said those advances weren’t necessarily to propose the same thing he had proposed to Ms. Barra. In pursuing GM, which is the largest U.S. auto maker and No. 3 in global auto sales, Mr. Marchionne is taking aim at a company that has flirted with partnerships in its recent history. In 2006, Nissan Motor Co. and Renault SA CEO Carlos Ghosn teamed with billionaire investor Kirk Kerkorian to propose an expansion to the alliance to include GM. Mr. Kerkorian held a sizable stake in GM and pushed for extensive changes at the Detroit auto company at the time; executives responded by spending several weeks investigating a tie-up with Nissan-Renault, but found it wasn’t worth the risk. In 2008, as GM and then private-equity-owned Chrysler Corp. were headed toward bankruptcy, executives at both companies pursued an alliance to survive, but later abandoned it. GM’s current CEO is convinced that large-scale mergers rarely work, and the Detroit auto maker has sufficient global scale to thrive. Ms. Barra will further lay out her case on Tuesday at GM’s annual shareholder meeting. Her aim is to land GM in the top quartile of auto companies return on invested capital, and build it into the world’s most valued auto company. Mr. Marchionne has said that in the coming years he sees the car industry consolidating around three companies each producing about 15 million cars a year. Volkswagen AG, Toyota Motor Corp. and GM are the industry’s largest manufacturers and produce about 10 million cars a year each. Fiat Chrysler was a distant seventh last year with 4.7 million vehicles made.
17
online, 5 giugno
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Libia, Gentiloni: Italia pronta ad assumere ruolo guida
"Per sostenere governo unificato che porti democrazia"
Venezia, 5 giu. (askanews) - "L'Italia è pronta ad assumere un ruolo guida per sostenere il governo unificato
che porti sicurezza, stabilità e democrazia in Libia". Lo ha detto il ministro degli esteri Paolo Gentiloni
parlando al workshop Italia-Usa a Venezia. "Ruolo guida - ha aggiunto - perché abbiamo già programma,
risorse e determinazione politica per assumere questo ruolo".18
online, 9 giugno
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Fca: Marchionne non molla su Gm, il progetto fusione va avanti
Wsj, avviati contatti con hedge fund per spingere fusione
Sergio Marchionne non demorde. E continua a 'corteggiare' General Motors. Questa volta con l''aiuto' degli
hedge fund, con i quali avrebbe avviato contatti per spingere la più grande delle sorelle di Detroit a una
fusione. Lo riporta il Wall Street Journal citando alcune fonti, sottolineando che l'approccio più 'aggressivo'
di Marchionne sarebbe legato al successo ottenuto da un gruppo di hedge fund in casa Gm.
Alcuni mesi fa un gruppo di investitori attivi, guidati dall'ex manager di hedge fund Harry Wilson, ha chiesto
all'amministratore delegato di Gm, Mary Barra, di accordare un piano di buy back da 8 miliardi di dollari.
Gm, che aveva già annunciato un costoso piano di dividendi, ha accordato il riacquisto di 5 miliardi di dollari
di azioni proprie, risparmiando a Barra ulteriori problemi nel consiglio di amministrazione. ''Marchionne ha
visto nel successo del gruppo di hedge fund guidati a Wilson un motivo per considerare un approccio piu'
aggressivo nei confronti di Gm. La volontà di Barra a lavorare con gli investitori attivi suggerisce che un altro
investitore potrebbe indurre Gm al tavolo delle negoziazioni'', si legge sul Wsj.
Marchionne spinge da mesi per un consolidamento dell'industria automobilistica. E non ha nascosto di
parlare con tutti. ''I contatti con le altre aziende dell'auto sono continui. Parliamo con tutti'' ha detto nei
giorni scorsi Marchionne, che a metà marzo - secondo il New York Times - ha scritto a Barra una email per
invitarla a discutere una possibile fusione. L'invito sarebbe stato accolto con freddezza da Barra e dal
consiglio di amministrazione. La 'storia' fra Fiat e Gm e' una storia lunga. E proprio con Marchionne si e'
sciolta. L'attuale numero uno è infatti l'architetto dello scioglimento dell'opzione put con Gm, quando
contro le attese aveva convinto Gm a pagare 2 miliardi di dollari per districarsi dai suoi obblighi nei
confronti di Fiat.19
online, 9 giugno
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online, 5 giugno
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Fiat delays Ferrari IPO to October following tax ruling
TOMMASO EBHARDT
Fiat Chrysler Automobiles NV said it will delay a planned initial public offering of its supercar unit Ferrari
SpA until October following a tax ruling. The shares fell the most in five weeks.
“It’s a technical” issue, Chief Executive Officer Sergio Marchionne said at The Council for the U.S. and Italy
in Venice on Friday. “We can’t do it earlier than one year after the creation of Fiat Chrysler.”
Fiat Chrysler was formed on Oct. 12 by the merger of the Italian carmaker with its American unit.
Marchionne had originally told investors he would sell a 10 percent stake in Ferrari by the end of June. The
tax ruling means Ferrari could be listed on the New York Stock Exchange Oct. 13 at the earliest, he said. The
CEO said he still plans to complete the separation of the supercar maker at the beginning of next year.
Marchionne is pushing the auto industry to consolidate further to increase profitability amid technology
changes requiring heavy investment. Other car manufacturers have yet to take the cue, as rebounding U.S.
and European sales are easing pressure to restructure. The delay of the Ferrari IPO isn’t linked to merger
talks, Marchionne said. He didn’t elaborate on when and where the ruling was made.
The outspoken executive said he’d put off his departure from Fiat Chrysler, originally planned for the end of
2018, if need be in case of consolidation.
“I can stay longer if they want me, but not much more,” he said.
The CEO has set a goal for London-based Fiat Chrysler to boost deliveries by more than half to 7 million cars
in 2018 from 4.6 million last year. Marchionne confirmed the carmaker’s profit targets for this year,
including as much as 4.5 billion euros in adjusted operating profit.
To finance that strategy, Marchionne plans to sell the 10 percent stake in Ferrari this year and distribute
Fiat Chrysler’s remaining 80 percent holding to current investors at the beginning of 2016. Ferrari Vice
Chairman Piero Ferrari owns the other 10 percent of the company.
Fiat shares fell as much as 4.5 percent in New York and were down 2.9 percent to $15.61 at 12:41 p.m.,
giving the company a market value of $20.1 billion.21
Bloomberg
Politics Bloomberg
View
online, 6 giugno
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Ferrari Spinoff Sets Up Fiat Chrysler for Another Deal
n Twitter
TOMMASO EBHARDT
Even as he completed the merger of Fiat SpA and its U.S. Chrysler unit last year to create Fiat Chrysler
Automobiles NV, Marchionne said the industry is still fragmented and ripe for further consolidation. His
planned spinoff of Ferrari this year puts the $14 billion automaker into position for another combination
that could form a group to vie with No. 1 Toyota Motor Corp. or help address shortcomings in Asia.
Manufacturers are under pressure to join forces amid slowing growth and rising costs to develop cleaner
cars and add automated driving functions and smartphone-like technology. By lowering debt with the cash
raised from cutting loose Ferrari, Fiat Chrysler becomes a more attractive partner. The spinoff also gives
Marchionne more leeway to set up a transaction by ensuring the Agnelli family, Fiat Chrysler’s biggest
shareholder, retains control over supercar-maker Ferrari.
While the Agnellis want to keep Ferrari, they would probably be “open to strategic combinations that will
reduce, or eliminate, their stake” in Fiat Chrysler, said Max Warburton, a Singapore-based analyst with
Sanford C. Bernstein & Co.
Suitable Partners
Volkswagen AG, Ford Motor Co. and General Motors Co. all fit criteria that Marchionne outlined last year
for a suitable partner, while Mazda Motor Corp. and Suzuki Motor Corp. could be viable Asian merger
candidates, analysts and investors said.
“There’s room for megadeals in the car industry in the medium term as carmakers will be forced to share
development costs,” said Stefano Aversa, managing director of strategy consultancy AlixPartners in London.
“No carmaker can sustain the investment needed alone, not even the biggest ones.”
By announcing the Ferrari spinoff just days after completing the Fiat-Chrysler merger in October,
Marchionne, a self-proclaimed corporate “fixer,” signaled he may be open to another deal down the road.22 With the 62-year-old chief executive officer planning to stay at the helm to complete a strategic plan that runs to 2018, he’s still got time to consider a transaction. “I’ve always had the view that this industry over the middle to long term needs to look at other consolidation opportunities,” Marchionne said in November after speaking at an event at Fiat’s test track in Balocco, Italy, where the CEO is known to take his own Ferraris on high-speed jaunts. “Eventually it must happen.” The spinoff of Ferrari is part of Fiat Chrysler’s efforts to raise about $5 billion to cut debt. The company also issued shares and convertible bonds last month. Agnelli Stake The Agnellis invested $886 million in Fiat Chrysler’s convertible bond offering to maintain their stake and have no plans to sell. Still, the family would consider a dilution to facilitate the creation of a bigger group, John Elkann, chairman of the automaker and descendant of Fiat founder Giovanni Agnelli, said in a Sept. 30 interview with Marchionne in Balocco outside of Turin. A representative for Exor, the Agnelli family’s holding company, said there was no change in its position. A representative for London-based Fiat also declined to comment further. Ford Affinities Marchionne and Elkann said in the Sept. 30 interview that Fiat Chrysler is now strong enough on its own and didn’t need another deal. Still, they outlined an ideal partner for the company. That would be an automaker that’s global and not too exposed to the European market, while being culturally compatible with the Italian-American company. That could put Ford at the top of the wish list. “Ford has been the North Star for Fiat ever since Fiat’s founder Giovanni Agnelli visited Detroit in the 1910s,” said Giuseppe Berta, a professor at Bocconi University in Milan and the former head of Fiat’s archives. “There are distinct affinities between Fiat and Ford.” Susan Krusel, a spokeswoman for Dearborn, Michigan-based Ford, said the $57 billion automaker has “no plan or interest” other than focusing on its current business plans. Ford isn’t interested in owning Fiat Chrysler, said a person familiar with the company’s thinking. Volkswagen Fit Other analysts see Volkswagen, with its European roots and large operations in China, as an easier fit. Even if there has been public sparring between Marchionne and VW Chairman Ferdinand Piech, the $99 billion German automaker’s portfolio ranging from mass-market Skoda compacts to upscale Audi sedans and Porsche sports cars serves as a model for Fiat Chrysler’s multibrand strategy. With VW struggling to gain market share in the U.S., the Chrysler, Dodge and Jeep nameplates could be appealing, and Piech has long expressed interest in Alfa Romeo. “VW would be the most likely hypothesis, given VW is relatively underexposed in North America,” said George Galliers, an analyst with Evercore ISI in London. “I don’t see either Ford or GM as buyers.” In July, Fiat was linked in media reports to mergers or deals with Volkswagen and France’s PSA Peugeot Citroen. The Italian carmaker denied at the time that any discussions were going on. A representative for Wolfsburg, Germany-based Volkswagen said yesterday that takeovers aren’t on its agenda as the automaker focuses on improving efficiency internally, reiterating a company statement from July.
23 While Fiat Chrysler has emerged as the world’s seventh-largest automaker after the merger, its appeal to competitors may be limited. The company lacks sizable operations in growth markets such as China and India, with its main strength in the mature and competitive U.S. and European markets. “Fiat Chrysler is neither attractive nor rich enough to attract anyone better than a desperate castoff,” said Erik Gordon, a business professor at the University of Michigan. “The next conquest won’t be so easy.” Big Ambitions Still, Marchionne, who has long professed that only a handful of big carmakers will survive long term, is pushing for expansion. He’s set the goal of boosting Fiat Chrysler’s deliveries by 60 percent to 7 million cars by 2018. The plan is underpinned by 48 billion euros ($57 billion) of investment to add more Jeep, Alfa Romeo and Maserati models that could be sold worldwide. Making progress on that effort would strengthen his hand in any negotiations. Fiat Chrysler yesterday said U.S. vehicle sales climbed 20 percent in December, the 57th consecutive month of rising sales with Marchionne at the helm. Marchionne, who studied philosophy before getting into business, has a tendency to think big and set ambitious targets. Aiming low would be “to establish mediocrity as a benchmark of the house,” he said in the September interview. “If you dream of peanuts, you get monkeys.”
24
online, 6 giugno
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Italy’s Padoan Says He Would ‘Love’ a Strong TTIP Agreement
ALESSANDRA MIGLIACCIO
U.S.-EU free trade agreement is positive, Italian Finance Minister Pier Carlo Padoan says at conference in
Venice.
Says more political capital needs to be invested into creating EU single market in energy, digital economy,
services, capital markets
A good free trade agreement along with an EU single market “would boost national structural reforms”25
online, 8 giugno
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Fiat Chrysler CEO Sees Consolidation Urgency in Car Industry
TOMMASO EBHARDT
Fiat Chrysler Automobiles NV Chief Executive Officer Sergio Marchionne intensified his call for an
automotive mega-merger.
Consolidation needs to happen soon as the industry pours 2 billion euros ($2.2 billion) a week into
developing new cars, Marchionne said in an interview Saturday at The Council for the U.S. and Italy.
Potential partners including General Motors Co. have previously snubbed his advances.
“Intelligent people would agree that a remediation of that waste is useful,” Marchionne said, clad in one of
his trademark sweaters on a steamy 30 degree Celsius (86 degrees Fahrenheit) day at the Venetian Lagoon.
“The faster you do it, the better it is.”
Marchionne is pushing the auto industry to consolidate in order to share the cost of developing new
technologies such as increasingly autonomous cars and more efficient engines. His pleas have fallen on deaf
ears at other manufacturers, as rosy U.S. and European sales numbers leave carmakers feeling less pressure
to restructure. Both GM and Ford Motor Co. have indicated they’re not interested.
The outspoken CEO, who uses four iPhones, including one with a Ferrari cover, appealed directly to
investors after meeting skepticism from executives. He cited the 2 billion-euro weekly figure for
development costs in an April 29 presentation for analysts called “Confessions of a Capital Junkie.”
He said on Saturday he’d still prefer to discuss a deal at the board level.
Marchionne’s search for a partner comes amid a push to boost Fiat Chrysler deliveries by more than half to
7 million cars in 2018. To finance that target, Marchionne plans to sell a 10 percent stake in Fiat’s Ferrari
unit this year and distribute Fiat Chrysler’s remaining 80 percent holding in the sports-car maker to current
investors at the beginning of 2016.
Originally planned for the end of June, the Ferrari initial public offering now won’t happen before mid-
October because of a tax ruling, Marchionne said on Friday. The delay isn’t linked to merger talks,
Marchionne said.
If Fiat Chrysler does find a willing partner, he said he’d consider remaining as CEO past his announced 2018
departure date.
The shares rose as much as 1.7 percent, trading up 1.4 percent to 14.12 euros at 9:25 a.m. in Milan. Fiat
Chrysler has gained 46 percent this year, compared with a 27 percent return including reinvested dividends
for the Euro Stoxx Automobiles and Parts Index.26
online, 5 giugno
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Ferrari, Marchionne: closing quotazione del 10% il 12 ottobre
Venezia, 5 giu. (askanews) - Per la quotazione di Ferrari in Borsa bisognerà aspettare un anno, dalla data di
fusione di Fiat Chrysler e quindi potrà essere "tecnicamente il prossimo 12 ottobre. Questo non vuol dire
che l'operazione non possa essere fatta prima, ma per il closing bisogna aspettare quella data". Lo ha
spiegato l'a.d. di Fca e presidente di Ferrari, Sergio Marchionne, a margine del workshop del Consiglio per le
relazioni Italia-Usa a Venezia a chi gli chiedeva quando potrà essere la quotazione di Ferrari.
Sul presunto ritardo nella quotazione, Marchionne ha precisato che si tratta esclusivamente di "ragioni
tecniche che dobbiamo rispettare. Eravamo stati già molto chiari in proposito". Infine Marchionne ha
ribadito che verrà collocato "il 10%, non credo serva di più", ha concluso.27
online, 7 giugno
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Padoan: ridurremo il debito e l'inflazione ci darà una mano
VENEZIA - Il problema dell'Italia è il debito pubblico, quello della Germania il surplus eccessivo della bilancia
commerciale e valutaria. Quello dell'Europa si chiama crisi di fiducia. Tre problemi diversi, che in realtà si
intersecano. Il ministro delle Finanze Pier Carlo Padoan a Venezia al workshop Italia - Usa senza giri di
parole va al nocciolo della questione. «In Italia il debito pubblico è il problema centrale. Il livello, in
rapporto al prodotto interno lordo, dovrà scendere, anche se ci vorrà un po' di tempo».
E' sul debito che infatti si concentra l'attenzione delle agenzie di rating e degli investitori quando misurano
la fiducia sul Paese. E' l'elevato rapporto con il Pil (133%) che rende vulnerabili i titoli di Stato italiani e li
espone ai venti della Grexit.
Di Atene e della trattativa in corso con Bruxelles e Fondo Monetario, Padoan non dice una parola, come era
ovvio attendersi. Ma è sotto gli occhi di tutti che la volatilità degli spread è acuita da questo estenuante
negoziato. Ed è altrettanto evidente che un rialzo dei tassi, causato dalla crisi greca, renderebbe più costoso
finanziare il debito italiano. Padoan lo ammette e guarda con trepidazione l'evolversi della vicenda greca:
«E' vero che i tassi di interesse sono bassi, ma non rimarranno così per lungo tempo».
Come far scendere l'indebitamento? «Avanzi primari, aumento della crescita e un po' di inflazione ci
aiuterà» - replica. Dunque il ministro Padoan esclude non solo qualsiasi ipotesi di patrimoniale, ma anche di
inasprimento fiscale, a partire dall'Iva, perché, come è stato dimostrato dal fallimento della ricetta del
governo Monti, deprime la domanda, disincentiva gli investimenti e quindi riduce la crescita. Se è vero che
il governo tecnico evitò il default del Paese, giunto al baratro di 528 punti di spread con il Bund tedesco, è
altrettanto vero che il rigore dei professori ha inchiodato l'economia e fatto perdere il treno della ripresa.
«L'Italia - dice Padoan - oggi sta accelerando, sta eliminando gli ostacoli agli investimenti che si sono
ammucchiati in questi ultimi anni».28
online, 6 giugno
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Marchionne: “Potrei restare alla guida di Fca anche dopo il 2018”
L’ad: “Qualora me lo chiedessero per gestire un consolidamento”
FRANCESCO MANACORDA
La Ferrari in Borsa dopo il 12 ottobre e Sergio Marchionne in Fca forse anche dopo il 2018. A Venezia, dove
presiede il Consiglio per le relazioni Italia-Usa, l’amministratore delegato di Fiat-Chrysler è assediato dalle
domande sul futuro del gruppo e su quel consolidamento del settore auto che, dopo averlo a lungo
teorizzato, adesso persegue in modo esplicito.
Proprio l’ipotesi di un’operazione che coinvolga Fca potrebbe vedere Marchionne restare alla guida del
gruppo anche oltre la data limite del 2018 che lui stesso aveva reso nota. Alla domanda dei cronisti sul suo
destino in una possibile fusione, l’ad si lascia tutte le strade aperte: «Qualora mi chiedessero di gestire un
consolidamento significativo potrei restare anche dopo il 2018». Ma prima di tutto un’eventuale
operazione bisogna farla. Nel confermare la sua posizione sulla necessità del consolidamento, Marchionne
spiega che «per ottenere il massimo dei risparmi ci vuole il massimo delle sovrapposizioni e il massimo dei
potenziali risparmi sugli investimenti di capitale».
Un identikit che sembra spingere Fca più verso un partner occidentale che non a Oriente. Ovvia la domanda
su General Motors, alla quale lo stesso amministratore delegato di Fca ha scritto nelle scorse settimane per
capire se c’erano spazi di discussione. Finora la missiva è stata respinta al mittente, ma certo «Gm è un
gruppo ben capitalizzato che non darebbe problemi di quote di mercato né negli Usa né in Brasile». Poi
ovviamente, la precisazione di prammatica: «Abbiamo contatti con tutte le aziende, parliamo con tutti».
Più ottimista sul prossimo futuro dell’Italia («La vedo bene, negli ultimi dodici mesi è cambiato molto») che
non sull’Europa nel suo complesso, Marchionne è soddisfatto del ruolino di marcia del suo piano industriale
e dei risultati sulle fabbriche e sull’occupazione: «I piani per il rientro dei lavoratori degli stabilimenti italiani
di Fca li abbiamo presentati a maggio 2014 e procedono secondo le previsioni». Adesso tocca alla «Giulia,
che spero si chiamerà così e che presenteremo il 24 giugno, farà ripartire Cassino».
Anche se riconosce al governo di aver fatto riforme importanti, Marchionne non attribuisce un ruolo
salvifico al solo Matteo Renzi. Quando gli chiedono se il miglioramento dell’Italia dipenda dal premier,
risponde che «sarebbe come dire che la crescita dei volumi americani sia merito mio: è un insieme di29 fattori, abbiamo fatto le cose giuste, il mercato c’è, è andato avanti e c’è stata la ripresa anche del numero dei dipendenti e dei posti di lavoro»; questo sì «grazie alla riforma del mercato del lavoro». E a proposito di Italia, chiedergli un’opinione sull’idea di Renzi di un sindacato unico è come sfondare la proverbiale porta aperta: «Credo che in un settore come quello dell’auto un sindacato unico sia da farsi. Lasciamo stare le cavolate troppo grosse che dice Camusso. In America e in Germania c’è un solo sindacato dell’auto». Sulla quotazione del 10% di Ferrari, un’operazione che i mercati aspettano con ansia, invece, Marchionne fa sapere che «non sarà in Borsa prima del 12 ottobre». Questo perché «deve essere passato almeno un anno dalla fusione che ha dato vita a Fca». In ogni caso «questo non vuol dire che non possa vendere le azioni prima».
30
online, 9 giugno
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Loukas Tsoukalis : « La fin du mois est la limite absolue pour un accord entre Athènes et ses
créanciers »
PIERRE DE GASQUET
à Venise pour la réunion annuelle du Council for the United States and Italy, Loukas Tsoukalis, Président de
la Fondation hellénique pour l’Europe et la politique étrangère, _un des meilleurs experts de la crise grecque
sur le terrain_ livre aux « Echos » son pronostic sur les chances d’un accord entre Athènes et ses créanciers
et le risque de nouvelles élections en Grèce.
Loukas Tsoukalis (Economiste et Président de la Fondation hellénique pour l’Europe et la politique
étrangère)
Comment interprétez-vous la récente décision du gouvernement Tsipras de demander un délai de
remboursement au FMI jusqu’à la fin juin?
Aléxis Tsipras fait passer le message qu’il veut un accord et non pas une excuse pour une rupture. Cela
équivaut à faire monter les enchères. En reportant le paiement, il veut mettre l’accent sur les vrais enjeux.
La question est de savoir ce qui est acceptable par son parti. Quel que soit l’accord final, s’il y a une
opposition forte à l’intérieur de son parti, il dispose d’un instrument de dernierrecours: les élections. S’il
défend un accord, je pense que les créanciers lui donneraient le temps d’organiser des élections. Cela dit,
on ne peut pas exclure qu’un accord puisse déboucher sur une explosion de Syriza. Une minorité au sein du
parti reste en faveur d’un retour à la monnaie nationale. Il n’est pas dit qu’ils acceptent un accord
douloureux. En revanche, il y a une claire majorité de Grecs qui veut rester au sein de l’euro. Cela constitue
une forte contrainte sur le gouvernement: il sait qu’il a un mandat pour mener une négociation difficile et
non pour sortir de l’euro. S’il le faisait, il paierait un prix politique lourd. Nous sommes à la fin de la partie.
A la fin du mois, c’est la limite absolue. Car il n’y a aucun moyen que le gouvernement grec puisse survivre
au-delà : il n’a pas les fonds pour faire ces paiements.
Quelles seraient les conséquences probables de nouvelles élections en Grèce ?
Il faut bien voir qu’en raison de la crise économique, le système politique grec traditionnel s’est effondré.
L’opposition s’est volatilisée. Si Tsipras appelle les élections avant un désastre, il est assuré de les
remporter, peut-être même avec une majorité plus ample. S’il le fait après un défaut, nul ne sait ce qui
peut se produire. Il essaiera de conclure le meilleur accord possible, avant l’été. Il sait qu’il y a un risque
avec les dépôts bancaires et que l’Etat n’aura plus d’argent à la fin du mois. Nous savons que pour les31 caisses de l’Etat, la fin du mois est l’extrême limite. Il y a déjà beaucoup d’argent qui a quitté le système bancaire. Il n’y a plus de liquidités dans les banques pour alimenter le crédit. Le 30 juin, ou il y a un accord ou il y a un défaut de paiement. Que pensez-vous de la possibilité d’un défaut sans sortie de l’euro? Je ne pense pas que la Grèce voudra quitter l’euro. La Grèce ne quittera l’euro que si c’est un acte de désespoir. Ce ne sera jamais un premier choix. Quels sont, à vos yeux, les conditions d’un accord entre Athènes et ses créanciers ? Sur l’ampleur de l’excédent primaire, je pense qu’on n’est pas loin d’un accord. Les deux éléments cruciaux sont la réforme des retraites et la réforme du marché de l’emploi. Tout gouvernement grec doit assurer la viabilité du système des retraites. Là où je pense que le gouvernement grec a un bon argument, c’est sur la réforme de l’emploi. Dans un pays où les salaires ont baissé de 25%-30% au cours des cinq dernières années, insister sur une libéralisation ultérieure du marché de l’emploi avec un gouvernement de gauche radicale est une forme de provocation. Je pense que les Européens sont en train de le comprendre. En revanche, le FMI continue d’insister sur ce point. J’espère qu’il y aura un accord. Je pense que nous n’en sommes pas loin. Qu’il puisse être approuvé ensuite par le Parlement est une autre histoire. Le problème est qu’une partie des créditeurs ne fait pas confiance au gouvernement. Quelle est la situation économique actuelle du pays ? La Grèce a perdu un quart de son PIB. Le chômage est à plus de 25%. En revanche, le pays dispose désormais d’un excédent primaire et quelques réformes ont été faites sous les précédents gouvernements. Mais tant que l’incertitude dure, il n’y aura pas de reprise. Si on parvient à un accord, la Grèce a la possibilité d’un vrai redémarrage rapide car l’écart de production («output gap», NDLR : écart entre niveau réel du PIB et son niveau potentiel) est très élevé. Peut-on penser que la lenteur des négociations est due au manque d’expérience de Tsipras? Oui c’est un problème. Syriza vient de la périphérie du système politique : jusqu’ici ils étaient complètement tenus à l’écart de l’exercice du pouvoir. Tsipras apprend plutôt vite. Mais cela prendra du temps. Et le problème est que la Grèce n’a plus le temps..
32
online, 5 giugno
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Tsipras Declares Creditors’ Debt Proposal for Greece ‘Absurd’
LIZ ALDERMAN
Prime Minister Alexis Tsipras declared on Friday that his government would not accept a new bailout
plan proposed this week by Greece’s creditors, telling a cheering assembly of the Greek Parliament in
Athens that he would not allow the creditors to “humiliate” the country.
“Greek people should be proud, because the government is not going to give in to absurd proposals,”
Mr. Tsipras said.
Despite the rhetoric, Mr. Tsipras said he believed Greece and its creditors were “closer than ever” to an
agreement, noting that “it is clear now to everyone” that Greece’s plans are “realistic.”
The government’s negotiating strategy will “soon bear fruit,” he said.
He called on the government’s opposition members, who include former Prime Minister Antonis
Samaras, to declare whether they would support the deal being offered by Greece’s international
creditors — the International Monetary Fund, the European Central Bank and the other eurozone
countries.
Mr. Tsipras’s defiant speech, broadcast live on national television and picked up internationally by the
BBC, seemed aimed most directly at a rising faction of dissenters on the far left of his party. A number of
the dissenters have called for Mr. Tsipras to repudiate the creditors’ demands or even consider holding
new elections to reaffirm his government’s mandate to push back against austerity.
The speech came a day after Greece said it would not make a scheduled debt repayment to the I.M.F.
that was due on Friday. That decision bought the country some time to renegotiate a new debt deal
with its international creditors but raised further uncertainties about whether an agreement could be
reached.
Drawing lawmakers’ applause Friday night, Mr. Tsipras described the creditors’ plan as including
“impossible targets,” a reference to austerity measures that he said he was elected to repudiate,
including higher electricity taxes and further pension cuts to help bring down Greece’s mountain of
debt.33
online, 8 giugno
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Pro’s Morning Energy, presented by FuelsEurope — Climate battle in Germany —
LNG over lunch in Luxembourg
A live-wire update on EU energy news
SARA STEFANINI AND KALINA OROSCHAKOFF
Good morning and welcome to POLITICO Pro’s Morning Energy. While you were letting loose over the
weekend, we were busy tracking the news, and there’s plenty of it. Climate change plays a starring role at
the G7 meeting in Bavaria, Hungary and Ukraine forge a special connection, and Southeastern Europe gets
a call to climate change action.
—WHAT’S HAPPENING:
CLIMATE BATTLE IN BAVARIA: German, EU and US leaders ramped up the pressure yesterday to negotiate
a climate change deal including decarbonization targets and financing commitments at the G7 summit in
Elmau. All eyes are on German Chancellor Angela Merkel, the host, to see if she can secure the group’s
support for a clear emissions reduction commitment, which it could then take to the COP21 summit in Paris
in December. But two countries stand in the way. “We understand that Canada and Japan are pushing back
against reference to the G7’s role in the decarbonization target,” says Liz Gallagher of environmental non-
profit E3G. Still, sources at the summit tell us Canada may be shifting.
LEAD THE WAY: Still, what we hear from sources on the ground is that a concrete emissions reductions
goal, aimed at limiting the global climate change to 2 degrees, will not only make it into, but also be at the
center of, the climate section in the G7 communiqué, expected early this afternoon. Also on the table,
we’re told, is a G7-wide goal to transform their own energy sectors by 2050. But what about the money,
you may ask yourself? Following Merkel’s call on her G7 peers last week to live up to a 2009 pledge to put
$100 billion per year into climate action from 2020, we should also expect some wording to suggest
developed countries are on track to come up with the money.
BRUSSELS MEANS BUSINESS: European Commission President Jean-Claude Juncker and Council President
Donald Tusk made it clear on Sunday that they mean business in Bavaria. “The fight against climate change34 is global — it goes way beyond Europe and G7. If we are not united in the G7, how can we convince others?” Tusk said at a press conference. European Commission President Jean-Claude Juncker backed him up: “I will push for binding agreements.” DRAGGING ITS FEET: Hear, hear, the last G7 country to do so, Japan today is expected to present a draft of its emissions reduction plan for Paris, which will be open to public consultation for a month. But its level of ambition is disappointing — especially compared to rival China. The New Climate Institute today released analysis showing that China’s plan would instead create around 500,000 decent new jobs by 2030 and save around 100,000 lives from deadly air pollution every year. **A message from FuelsEurope: The EU refining industry provides everyday fuels reliably to the 230 million cars and 34 million trucks moving citizens and goods in Europe, and 70 percent of the feedstock for the European petrochemical industry. Refining products for our everyday life. KEEP ON PUMPING: OPEC’s decision Friday to keep pumping oil caused uncertainty on the market, with prices falling and bouncing back before the end of the day. The 12 members ignored calls to curb production so that prices could rebound from last year’s tumble, which was driven in part by Saudi Arabia’s decision to let its oil wells flow. They meet again on December . US SHALE TO THE RESCUE: Armed with an abundance of shale oil and gas, and the technology to pull it out quickly and cheaply, the US is able to ensure the world has all the hydrocarbons it needs. That was the message at the Italy-US Council workshop in Venice Saturday, according to a source in the audience. Speakers pointed to Saudi Arabia’s current account deficit as evidence that the Middle East is the loser in this scenario (with prices where they are), but added the usual caveat that long-term market predictions have often been wrong. SHARING IS CARING, FOR HUNGARY AND UKRAINE: Gas network operators FGSZ and Ukrtransgaz signed a deal Friday to pipe gas supplies back and forth between Hungary and Ukraine. This is significant because it provides a legal basis for pushing Russia’s Gazprom to stop working on the gas network at the border between Ukraine and the EU and hand it back to Ukrtransgaz, according to the Commission. In addition, it could also set the tone for similar deals between Ukraine and Slovakia, Poland and Romania. TURKSTREAM WAITS FOR NO ONE: Gazprom wants to start construction on the controversial pipeline by the end of this month, and Ankara is considering buying a stake in it, Turkish Energy Minister Taner Yildiz has told Reuters. Turkstream has moved quickly since Russia announced the plan to pipe its gas through Turkey, up to the border with Greece and into Europe. That replaced the South Stream pipeline proposal, which would have supplied southeastern Europe. Here’s the story by Orhan THE LAST OF THE FRACKERS (IN POLAND): ConocoPhillips has become the last oil major to pull out of shale gas exploration in Poland, saying it did not find enough gas to make it commercially viable. Just a couple of years ago Poland was boasting it would be the new Norway of gas. But sluggish regulation changes and a very difficult geology have more or less killed the dream; now state controlled companies are just about the only players left. BUSINESS AS USUAL AT THE WGC: Gas in a low-carbon future was the mantra floating around the triennial World Gas Conference in Paris last week. But the industry’s demand for carbon pricing has grown louder and more frantic, as times have gotten tougher.
35 SOLAR BLACKLIST: The Commission has accused three Chinese solar panel makers of breaching an anti- dumping agreement between the EU and China, which sets a minimum import price for solar products delivered to Europe. The price floor is designed to keep China’s cheap and abundant solar panels from flooding the European market and knocking out local competitors. Among its claims, the Commission said one company secretly passed benefits on to customers, and another used a network of manufacturers in other countries to assemble its modules and avoid the restrictions on China. — DOES THAT ACTUALLY MAKE SENSE? Here’s a caustic take from Forbes, which thinks that the idea of penalizing China for selling cheap (albeit subsidized) solar at a time when the EU is racing to decarbonize is “insane public policy.” SOUTHEASTERN EUROPE CAN LEAD THE WAY: With plenty of sun, wind and water, the 18-country region is perfectly placed lead the world in renewable energy growth, Julian Popov writes in an opinion piece for the FT. Romania and Bulgaria have already reached their EU-mandated renewable energy targets for 2020, while Albania is one of only two European countries that get almost all of their electricity from renewables. — BUT IT NEEDS TO STEP UP: The potential may be big, but southeastern European needs to get with the program and do more about climate change, the independent group SEE Change Net said Friday. Several of the region’s countries didn’t even send representatives to the climate change summit in Bonn, which runs until Thursday. Instead, they continue to make “oversized plans” for coal, it noted. ELECTRIC CARS IN LATVIA: Maros Šefčovič, the EU’s vice president for the energy union, writes about a visit to Riga last week in his latest blog post. There, Šefčovič talked about the difficulty of deploying electrical cars in such a cold city, and the possibility of securing bank credits to improve residential heating efficiency, among other topics. —WHAT’S COMING: CROSSING THE GREAT ENERGY DIVIDE: The Energy Council gets underway today in Luxembourg; the first since the European energy ministers endorsed the Commission’s energy union proposal in March. Announcements aren’t likely to turn heads, but regional cooperation and integration will dominate the meeting. The Commission is set to sign an agreement with Baltic Sea countries to connect the regional energy market. Germany and its “electrical neighbors” are also set to shake on a deal today to keep their hands off the price of electricity delivered between them, even when they spike. We understand the Commission considers these agreements “a first milestone,” giving political backing to stronger energy co- operation and supply security across the bloc. ON THE AGENDA: How to make the energy union happen, connecting Europe’s gas and power networks and making the whole system more efficient, reliable and independent (mostly of Russian gas). The ministers will also discuss how to implement the strategy for bolstering European energy security, especially security of supply. The lunchtime talk will be all about LNG imports, which play a key role in the “diplomatic energy action plan” the Commission is currently putting together. There will also be an update on what’s happening in the world of nuclear energy; something we hear the UK, among others, was keen to put on the agenda. Austria, we’re told, wasn’t a fan. Stay tuned for the press conference this afternoon. ON THE ROAD WITH ŠEFČOVIČ: The vice president takes his tour to Luxembourg today, where he will talk about what the energy union can do for its people, as well as dropping by the Energy Council. Luxembourg takes over the European Council presidency on July 1 and, according to a diplomatic source, wants to see
36 the Commission put forward legislation on exactly how the energy union will be governed, as well as ensuring new rules for energy labeling of appliances are put in place. PUT A CAP ON THOSE EMISSIONS: The European Parliament’s Committee on the Environment, Public Health and Food Safety meets in Strasbourg this evening, and up for discussion will be a measure to impose new air pollution limits on medium-combustion plants. **A message from FuelsEurope: The European refining system is more energy efficient and has lower CO2 emissions than the other regions in the world. Europe’s refineries produce electricity almost entirely by cogeneration at 10 percent higher efficiency than the average grid suppliers. Europe’s refineries continue to reduce their environmental footprint, cutting refinery emissions significantly and producing clean fuels for cleaner vehicle exhausts. Thanks to its average annual spending of €5 billion to maintain and upgrade their equipment and the high skilled workers employed in the industry, EU refining is in the top four sectors for innovation in its processes and products; it is active in joint research with many research bodies and institutions. EU fuels product standards developed with the vehicle industry lead the world and are replicated in much of Asia.
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