ROME, Oct 10 (Reuters) - Italy's cabinet said on
Thursday Stellantis robotics business Comau will have
to preserve production plants and central functions in Italy as
Rome approved under conditions the sale of a majority stake in
the company to One Equity Partners.
Earlier this year the automaker agreed to sell a 50.1% stake
in full-owned Comau to One Equity, a fund investing in
businesses in the industrial, healthcare and technology sectors
in the U.S. and Europe. Stellantis ( STLA ) will retain a 49.9% stake.
The deal, which was criticised by Italian trade unions,
triggered government's scrutiny based on so-called golden power
legislation, which gives Rome the right to block or set
prescriptions on deals involving Italian companies that operate
in strategic industries.
No financial details of the deal have been disclosed.
One Equity and Stellantis ( STLA ) "committed to make sure the deal
will have a positive impact on jobs in the medium-long term,"
the office of Prime Minister Giorgia Meloni said in a statement.
Conditions set by the government for the sale also include
ensuring an adequate level of research and development
investments, it added.
Stellantis ( STLA ) did not immediately respond to a request for
comment. Comau declined to comment.
Comau's spin-off from Stellantis ( STLA ) was part of agreements
between Fiat Chrysler and France's Peugeot maker PSA, when they
merged in 2021 to create the world's fourth largest automaker, a
Franco-Italian-U.S. conglomerate that also makes brands
including Jeep, Alfa Romeo, Opel and Ram.