According to the proposed scheme outlined by Michael Flacks, founder and chairman of Flacks Group, the Italian government will retain 40 percent of the shares, and Flacks Group will acquire the remaining stake. The offer also includes an option to purchase an additional 40 percent of Flacks Group shares in the future.
According to Flacks, the group is ready to invest up to 5 billion euros in the modernization of production at the plant in Taranto. Planned upgrades include electrification initiatives aimed at improving efficiency, supporting decarbonization, and promoting sustainable growth. The investor also stated that the deal is aimed at securing the long-term future of the facility, preserving 8,500 jobs and strengthening European supply chains serving the automotive, construction and infrastructure sectors.
The agreement must first be finalized and subsequently approved by the Italian government, which intends to complete the assignment in early 2026.
