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Fiat Chrysler in Discussions on $6.8 Billion State-Guaranteed Loan

The automaker is in talks with in talks with Italian lender Intesa Sanpaolo about a loan to help it weather the coronavirus crisis.

Image: Alfa Romeo Stelvio Quadrifoglio SUV and Giulia sedan. Source: Fiat Chrysler.

MILAN (Reuters) – Fiat Chrysler is in talks with Italian lender Intesa Sanpaolo over a 6.3 billion euro ($6.8 billion) state-guaranteed loan to help the automaker weather the coronavirus crisis, a source close to the matter said on Friday.

The loan, which is part of emergency liquidity measures the government is making available to the country’s businesses, must be approved by Intesa Sanpaolo’s board, the source said.

Once approved by the lender, the request will be reviewed by Italy’s export credit agency SACE, through which the state provides its guarantee, and then by the Treasury for a final green light, the source added.

FCA and Intesa Sanpaolo declined to comment.

News that FCA was exploring a state-backed loan was first reported by MF daily on Friday. ($1 = 0.9232 euros)


Reporting by Stefano Bernabei and Giulio Piovaccari; editing by Giselda Vagnoni.


Source: Reuters

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