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Italy sets conditions for Comau stake sale by Stellantis
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Italy sets conditions for Comau stake sale by Stellantis
Oct 10, 2024 2:42 PM

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.

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