Stellantis (STLA) does not need Italy as a shareholder, says Chairman Elkann

On Thursday, John Elkann, the Chairman of Stellantis (NYSE: STLA), responded to business lobbyists' calls for Italy to invest directly in the company. Elkann made it clear that Stellantis is doing well and doesn't need the Italian government to become a shareholder.

"I think states invest in companies when companies are doing bad. And Stellantis is doing very good," Elkann said in Turin in comments confirmed by a spokesman.

The French government, a former investor in PSA which in 2021 merged with Fiat Chrysler to form Stellantis, is considered a "relevant" shareholder in the group with around a 6% stake.

Chairman Elkann, who is also the CEO of the investment company Exor, asserted that France's position as a shareholder in Stellantis was warranted due to the challenges faced by PSA in the past, which required the intervention of the French government.

Exor is the single largest shareholder in Stellantis with a 14% stake.

Shares of STLA are up 1.44% in afternoon trading on Thursday.

By Michael Elkins | [email protected]

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