Deputy Prime Minister and League party leader Matteo Salvini arrives to address a news conference at the League party headquarters, following the results of the European Parliament elections, in Milan, Italy May 27, 2019. REUTERS/Alessandro Garofalo
MILAN (Reuters) - Italy’s Deputy Prime Minister Matteo Salvini said on Monday the Rome government should take a stake in a combined Fiat Chrysler- Renault group if necessary, given the importance of the car sector for the domestic economy.
Fiat Chrysler pitched a finely balanced merger of equals to Renault on Monday to tackle the costs of far-reaching technological and regulatory changes by creating the world’s third-biggest automaker.
A prominent lawmaker for Salvini’s League party said earlier on Monday the Italian government would defend national interests in a possible tie-up between the two groups and could ask for a stake to balance out the French state’s holding.
France has a 15 percent stake in Renault, which would be reduced to around 7.5 percent under the proposed merger plan.
“It’s a brilliant operation which I hope will be completed,” Salvini told reporters.
Asked if Rome should take a stake in the merged group, he said: “If an Italian institutional presence were required, it would absolutely be our duty to grant it given that the auto sector is fundamental for economic growth in our country.”
Credits: Reporting by Giuseppe Fonte, writing by Silvia Aloisi
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