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Government could use golden powers to rein in deal

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Sale will allow Stellantis ( STLA ) to focus on core Europe ops

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Comau executive chair, CEO, will retain their jobs

(Adds government response in paragraphs 1&4)

By Giulio Piovaccari and Giuseppe Fonte

MILAN, July 25 (Reuters) - Carmaker Stellantis

has agreed to sell a majority stake in its robotic

unit Comau to One Equity Partners, in a deal that has drawn

scrutiny from Italy's government.

Financial details of the transaction were not disclosed,

but U.S.-based private equity firm One Equity will make a

"majority investment" in Italian-headquartered Comau, and

Stellantis ( STLA ) will remain an active minority shareholder.

The deal will give One Equity a 50.1% stake in the company

and Stellantis ( STLA ) 49.9%, a source close to the matter told Reuters.

Following the announcement, which coincided with

disappointing first half financial results from Stellantis ( STLA ),

Italy's industry ministry said it was assessing whether golden

power legislation aimed at shielding strategic assets could be

applied to the sale.

Such powers give the government the right to block or

set conditions on foreign forays targeting national companies

that operate in strategic sectors.

Prime Minister Giorgia Meloni's nationalist government

has for months been at loggerheads with Stellantis ( STLA ), the world's

fourth largest automaker whose brands include Fiat, accusing the

automaker of neglecting its historic production bases in Italy.

Ante Kusurin, a partner at One Equity, said the firm had

deep expertise in executing complex corporate carve-out

transactions, adding it would help position Comau "as a

successful stand-alone business."

Under the deal, Comau Executive Chairman Alessandro Nasi and

CEO Pietro Gorlier will retain their jobs.

"This operation is consistent with Comau's strategic plan,

which aims to expand its business beyond the automotive sector,

targeting the global demand growth for industrial automation,"

Gorlier said.

The transaction, which is expected to close by the end

of this year, was also criticised by Italian trade unions, which

called on the Rome government to intervene.

"We express our opposition to the sale of Comau to

private equity," the UILM union said in a statement, while

FIM-Cisl explicitly asked the Italian government to use the

golden power legislation.

One Equity Partners invests in businesses in the industrial,

healthcare and technology industries in the U.S. and Europe.

Comau, a former unit of Fiat, specialises in industrial

automation and advanced robotics.

Stellantis ( STLA ) CEO Carlos Tavares said the deal would help Comau

achieve autonomy and strengthen its position.

"It also gives Stellantis ( STLA ) the ability to focus on core

business activities in Europe," Tavares added.

A Comau spin-off from Stellantis ( STLA ) was part of agreements

between Fiat Chrysler and France's PSA, which led to the

creation of Stellantis ( STLA ) at the beginning of 2021, but the

transaction had never materialised.