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Italy grants $7.1 billion loan to Fiat Chrysler

25.06.2020 15:01:15
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Italy’s Treasury announced on Wednesday the state’s approval to a 6.3 billion euro ($7.1 billion) loan to Fiat Chrysler, directed to its unit in Italy. This is the largest crisis loan granted to any auto firm to date.

The announcement followed an endorsement by the Italian audit court, ending the long approval procedure for the loan. Economy Minister Roberto Gualtieri said that the state aims to preserve and strengthen the country’s automotive supply chain.

Fiat Chrysler’s Italian unit has availed of the state’s COVID-19 emergency financing schemes in order to get a government-backed, three-year facility to cushion financial setbacks brought by the coronavirus pandemic.

The automobile firm’s request for state support was lashed out by many as Fiat Chrysler was known to be merging with its French competitor PSA and the holding company for the Italian-American carmaker is officially registered in the Netherlands.

Latest News

29.07.2020 09:00:24

Indonesia launches $7 billion loan guarantee scheme for 'priority' companies

Indonesia on Wednesday rolled out a 100 trillion Rupiah ($6.92 billion) loan guarantee scheme for prioritized businesses to keep them afloat as the COVID-19 situation continued to worsen around the world, the country’s finance minister ...

24.07.2020 11:00:24

Elon Musk’s SpaceX in talks to raise new funds at $44 billion valuation

Bloomberg News reported on Thursday that Elon Musk’s Space Exploration Technologies Corp. (SpaceX) is in talks to raise new funds at a valuation of $44 billion. The aerospace company said that it is in discussions with a number of investors ...

22.07.2020 13:00:27

Waymo and Fiat Chrysler sign a partnership deal to develop self-driving cars

The self-driving car company Waymo LLC and Fiat Chrysler Automobiles NV (FCHA.MI) signed a partnership deal on Wednesday to fully develop self-driving cars, pickups, and SUVs. Waymo, an Alphabet Inc. (GOOGL.O) unit, and Fiat Chrysler said ...

21.07.2020 13:00:23

Adevinta acquires eBay's classified ads business unit in a $9.2 billion deal

On Tuesday, Ebay Inc. (EBAY.O) announced that it had reached a deal to sell off its classified ads business unit to Adevinta ASA (AD5B), a Norway-based classified ads publisher owned by Danish media company Schibsted (SBSTA.OL). The classified ...

15.07.2020 12:00:39

CoreLogic rejects $7 billion offer from Cannae Holdings and Senator Investment LP

Property data and analytics company CoreLogic Inc on Tuesday rejected another $7 billion buyout offer, seeing it inadequate after meeting with the two bidders, investment firms Cannae Holdings Inc and Senator Investment Group LP. Cannae ...

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