EXOR invests around €600 million in FCA mandatory convertible securities October 29, 2014
The Board of Directors of EXOR, which met under the chairmanship of John Elkann, reviewed the decisions which were taken today by the Board of Directors of Fiat Chrysler Automobiles.
With regard to the issuance of mandatory convertible securities approved by FCA, EXOR decided to support the transaction, investing around €600 million. The investment will be made by drawing on the resources which are currently available, with the aim of contributing to strengthening the capital structure of its subsidiary FCA, thereby facilitating the achievement of the targets of its Five Year Development Plan 2014-2018.
John Elkann, Chairman of EXOR, commented: “The development plan of FCA will significantly improve its position in the global car market. With today’s decision, we have strengthened the capital structure of FCA and this will help to achieve the ambitious goals the company has set. Moreover, the distribution to its shareholders of Ferrari’s shares offers EXOR an historic opportunity: leading a new phase of development in Maranello ensuring complete autonomy and independence to build its best industrial and sports future”.