Italians are furious: they plan to sell the country's car status to Indians

Italian trade unions are protesting against the decision of the Iveco group (the successor of Fiat) in the sector of trucks and vans. The country's heritage will be sold to the Indian corporation Tata Motors. Details are given by the publication Gazeta.Pl .

The Indian giant has a capital of 40 billion euros. The acquisition of Iveco will cost the company about 3.8 billion euros. The merger of Tata Motors and Iveco will create a group with annual revenues of about 22 billion euros and sales of more than 540,000 vehicles. Iveco (mainly in Europe) employs about 36,000 people.

The Iveco military division, which produces expensive military equipment, was excluded from the deal. It will become the property of the Italian arms company Leonardo, which will pay 1.7 billion euros for the acquisition. Both transactions were approved by the owner of Iveco — the financial holding company Exor, controlled by the Agnelli family, the founders of Fiat.

Italian trade unions and some media outlets claim that Fiat, along with the Agnelli family, has repeatedly received assistance and subsidies from the Italian state, and now acts solely in its own interests and the interests of its shareholders, and not for the benefit of Italy and the Italian people, to whom it owes so much. Plus, the decision to sell Iveco was not coordinated with trade unionists.

"It is unacceptable that the company sold its entire industrial sector without consulting the trade unions. This confirms Exor's strategy aimed at generating profits and dividends for shareholders by further withdrawing from our country's industry," the Italian Engineering Union said.