Agnellis committed to continuing as Fiat’s biggest shareholder

John Elkann, leader of Italy’s Agnelli family, said that Exor, the family’s investment company, has enough money to continue as Fiat’s largest shareholder after the Italian automaker buys the 41.5% of Chrysler it doesn’t already own from a union retirement fund,

the

Financial Times

reported.

The Agnellis own a third of Fiat and Fiat Industrial, the report noted.

In the decade since Elkann succeeded his late grandfather, Gianni Agnelli, as head of Exor, the family has internationalized its investments, the

FT

article said. A third of the Agnellis’ investments are now in Europe, compared with three-quarters a decade ago.

Elkann said the merger of Fiat and Chrysler is the only way to ensure Fiat’s survival, giving the crisis in Europe’s economy, according to the report. (Source:

Financial Times,

June 1-2, 2013.)