Fiat Chrysler (FCHA.MI) is in talks with Italian lender Intesa Sanpaolo (ISP.MI) 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)