Fiat, Iveco, Marelli and Comau: piece by piece, the industrial and symbolic link between Turin and the Elkann dynasty has become thinner. Today only the echo of a former empire remains. And Exor looks elsewhere
«We manufacture cars, we manufacture them in Italy and we represent Turin». Full stop. Thirty years ago, it was the end of August 1995, Gianni Agnelli thus strengthened the bond between family and city by lifting the veil on the new models of the house: Fiat Bravo and Brava. Turin was the capital of Italian industry, the Agnellis were the ruling family. Today, Exor, the family holding company, led by the lawyer’s favorite nephew John Elkannseems to be preparing to sever one of the last symbols of the industrial dynasty with Turin, saying goodbye to the historic newspaper The Press.
The hypothesis of transfer, not confirmed by Piratearrives after a long series of operations that have turned industrial Turin upside down: from Comed a Iveco, the Maserati factory, Magneti marelli. And among the open dossiers there would also be medical clinics (Lifenetcon Cemedi) and also the Lingotto conference center. A divorce from Turin, by almost 20 billion cashed in, marking the end of a century-long era.
Because Perrier all’auto
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And to think that the long farewell of the Agnelli/Elkann from Turin began with a battle to bring France’s most famous mineral to the city. In 2009 John Elkann, when he succeeds Gianluigi Gabetti at the top of the family financial companies (Ifi and Ifil), he decides to rename them with a more catchy name, which is that of Exor. French society was a vestige of old challenges: in the nineties Gianni Agnelli try to acquire Perriercontrolled by Exor. However, the bubbles end at Nestle. Exor remains with the Agnellis. And it was reborn 15 years ago as a family holding.
Speranza Marchionne
In 2009 when Elkann took the reins of Ifil/Exor, the financial company had around 8-10 billion under management. Today the asset value is around 40 billion; fruit of the growth of assets (such as Ferrari), acquisitions (such as Philips e Louboutin) but also of many transfers. The beginnings of the “ex box” of Perrier are in the name of the relaunch of the family business, of the centrality of Italy and Turin. The care of Sergio Marchionnetop manager chosen by Umberto Agnelli, brings Fiat from the brink of bankruptcy, with GM’s put option as the sword of Damocles, to reverse the situation until acquiring Chrysler with Obama’s blessing. FCA is born: Fiat goes global, Juventus collects championships, Elkann is committed to the relaunch of Mirafiori by investing 2 billion in the Fiat 500e line.
The era of transfers
In 2018-19, after the Marchionne’s deaththe wind changes. Exor becomes more of a family office than an industrial holding. Elkann becomes passionate about the tech world: launches Ventoventure capital for startups and in Turin “gifts” the Italian Tech Week with illustrious guests. But on the industrial front the for sale sign stands out. The first company to end up on the market is Magneti Marellithe only major Italian auto component manufacturer. Fiat sells it for 6.2 billion to Calsonic Kansei. Marelli will then move to the KKR fund and is now in Chapter 11, the US bankruptcy procedure. In 2019 it is a season of controversy. The 6 billion loan guaranteed by the state (later repaid) it’s just an appetizer. In the same year, FCA and PSA merged, giving rise to Stellantis. There registered office goes to the Netherlands. FCA shareholders collect more than 8 billion in coupons in the operation (3 billion to the Elkann).
The Lingotto in Reply
The Turin-Agnelli combination is weakening. The new CEO, Carlos Tavares, leads the company from Paris. Elkann, president of Stellanta e CEO di EXproceeds with the reorganization of the assets. The historic Lingotto building, where Sergio Marchionne and the lawyer had their offices, goes up for sale, later acquired by Reply. The Maserati factory in Grugliasco ends up Immobiliare.it. Meanwhile, car production in Mirafiori drops to a few thousand units.
The boos at the ATP
In 2024 Stellantis also sells Comedthe first Italian industrial automation company, to a private equity fund, while remaining a minority shareholder. Tensions between the Agnelli galaxy and the Italian government increase. There is talk of activating the golden share against the sell-off. John Elkann is booed by the crowd at the ATP Finals. It also ends up on the market Iveco (sold to Tata Motors and Leonardo for 5.5 billion). And now it would also be on sale The Pressthe Lingotto conference center (for 3 million), Villa Frescot and the Cemedi clinics. All that remains of the Agnelli empire in Turin is Mirafiori. And the old Perrier financial box.
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