Italy Wants Bigger Share of Investments by Semiconductors Firm [BNN Bloomberg (Canada)]
SAFRAN SA UNSPON/ ADR (SAFRY)
NASDAQ:AMEX Investor Relations:
safran-group.com/finance/investor-relations
Company Research
Source: BNN Bloomberg
Italy, which owns a stake in the semiconductor company, is opposed to a new three-year term for Chief Executive Officer Jean-Marc Chery, according to people familiar with the matter who spoke on the condition of anonymity. Italy believes that the company's investments favor France, the people said. With a market capitalization above €40 billion, the Franco-Italian chipmaker is one of the few European companies of global importance in the strategic semiconductor business. It specializes in semiconductors used in the smartphone industry and electric cars among other sectors, counting Apple Inc. and Tesla Inc. among its customers. Under Meloni, Rome has ramped up its rhetoric and actions over French business acquisitions in Italy that were seen as domineering. Meloni picked a fight in January against Amsterdam-based Stellantis NV, which owns Italian brands such as Fiat and Alfa Romeo as well as the French Peugeot and Citroen, for its efforts to move car production to lower-cost coun
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