Fiat's Agnelli Family Holdings Varied and Extensive
TURIN, May 28, 2004; Reuters reported that the Agnelli family empire ranges from cars and tractors to art and energy, with a network of retailers and partnerships that spans over 100 countries. At the centre of the Agnelli galaxy is 105-year-old carmaker Fiat, which is controlled by the family via their Ifil holding company. Following is a summary of the Agnelli businesses:
FIAT STATISTICS
From an automotive start in 1899, Fiat grew into a major industrial group and is Italy's biggest private sector employer.
* Fiat was the number six auto group in Western Europe in 2003 in terms of unit sales and number 10 in the world.
* Fiat sales totalled more than 47 billion euros in 2003, just under four percent of Italy's gross domestic product.
* At the end of 2003 it had 162,237 employees, about half in Italy. It has 192 plants and 109 research and development centres across the world.
PRINCIPAL SHAREHOLDERS
* The Agnelli family owns 30.04 percent of Fiat through holding company Ifil.
* Other shareholders who own more than two percent are: Generali, with 2.91 percent, Mediobanca, with 2.23 percent, Libyan Arab Foreign Investment, with 2.00 percent.
AUTOMOBILES
The core of the Fiat empire is Fiat Auto, grouping the Fiat, Alfa Romeo and Lancia brands. It also owns sportscar firms Ferrari and Maserati.
* In March 2000, General Motors Corp took a 20 percent stake in Fiat Auto in exchange for Fiat taking 5.1 percent of GM; the deal gave Fiat a "put" option to sell to GM the rest of Fiat Auto at fair market value from 2004 until 2009. * In October last year the option was put back a year while the groups settled a disagreement over whether it was still valid; Fiat has said it could seek compensation if GM does not accept the option.
* Fiat has since sold its stake in GM to fund its turnaround.
* A Fiat-GM joint venture, Powertrain, develops transmission systems and diesel engines and they also pool parts-buying.
* Fiat owns 56 percent of Ferrari. Ferrari has long been listed as one of a group of brands that could resurrect plans for an initial public offering, but Chairman Luca Cordero di Montezemolo this month ruled out an IPO in the short term.
ITALENERGIA-EDISON
* In 2001, a Fiat-led group Italenergia, which included Electricite de France , took over conglomerate Montedison, which controlled Italy's number two power firm Edison (Milan:EDN.MI - News). * Fiat has a 24.6 percent stake in Italenergia Bis. It has handed the stake to Citigroup as collateral for a 1.15 billion euro loan.
* Fiat in February sold a 1.6 percent direct stake in Edison to institutional investors.
AGRICULTURAL MACHINERY * Fiat owns 85 percent of CNH Global NV, the world's largest maker of tractors and combines.
INDUSTRIAL AND COMMERCIAL VEHICLES
* Fiat owns 100 percent of commercial vehicle and truck manufacturer Iveco, which has units in Europe and Latin America.
BANKS AND INSURERS
* Under pressure from banks to pay debt and shore up its loss-making car unit, Fiat sold insurer Toro Assicurazioni to unlisted publishing firm De Agostini under a deal agreed in March last year.
* Ifil holds 3.83 percent of Sanpaolo IMI.
MACHINERY
* As Fiat grew in the 20th century it created its suppliers, which are now split into units including Comau (assembly line tools), Magneti Marelli (components) and Teksid (castings).
AEROSPACE * Fiat sold profitable aeronautics unit Fiat Avio last summer to a company controlled by The Carlyle Group (News) and Finmeccanica.
TELECOMS * Fiat owns 100 percent of fixed-line phone company Atlanet after last October it bought up quotas belonging to utility Acea and Spanish telecom company Telefonica.
PUBLISHING * Fiat's publishing arm Itedi owns newspaper La Stampa.
* Fiat has a stake of around 10 percent in RCS Mediagroup, which in turn controls Italy's leading daily newspaper Corriere della Sera.
RETAIL
* The family controls department store chain La Rinascente via Eurofind. Ifil has a 51 percent stake in Eurofind with the remaining 49 percent held by the French group Auchan. Auchan has an option to take 100 percent control of Eurofind.
SOCCER
* Ifil owns 62 percent of soccer club Juventus.
TRAVEL AND TOURISM * The Agnelli family is the main shareholder of tourism group Club Med through Ifi and its Exor Group unit.
* Alpitour, a tour operator which operates also under the names of Francorosso and ViaggiIdea.
PAPER
* The Agnelli family is present in the sector with Worms & Cie, purchased in 1997 by Ifil.
STRATEGIC STAKE IN MEDIOBANCA
* The Agnellis hold just under two percent of investment bank Mediobanca and are members of the bank's controlling pact.
WINE * The family owned 75 percent of famous French vineyard Chateau Margaux from 1991 until last year, when they were forced to sell up to shore up the money-losing car unit.
ART
* The family in 2002 opened the Pinacoteca Giovanni and Marella Agnelli art gallery in the renovated premises of the carmaker's historic Lingotto factory.