According to a regulatory filling with the US Security Exchange Commission, the founding Agnelli family could gain even more power within the group once the merger between Fiat SpA and Chrysler Group LLC is done.
The newly merged Fiat Chrysler Automobiles would be listed on New York’s Wall Street and in a stark contrast to what has happened recently with some founding families and their long time companies, the Agnellis could rise their controlling votes from 30% today to as much as 46%.
Today, Fiat’s founding family has a 30% voting rights in Fiat Chrysler thanks to their holding firm Exor, but they could rise in power once the merger and listings are done and a new loyalty scheme is started – the strategy is part of the merger and seeks to reward long time investors in the automaker.
The new scheme would make it “more difficult for Fiat Chrysler Automobiles (FCA) shareholders to change FCA’s management or acquire a controlling interest in FCA,” it was revealed through a filing with the SEC.
The shareholders who retained their stakes for at least three uninterrupted years can participate, with the scheme rewarding them with two instead of one vote – Fiat did say that while Exor aims to enter the scheme, it would reach the maximum 46% of voting rights only if no other shareholder enters it.