|
|
Article: Fiat, General Motors have one month to settle ownership dispute.
- Article from:
- Sunday Business (London, England)
- Article date:
- December 19, 2004
CopyrightCOPYRIGHT 2004 Sunday Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Grant Clelland
Dec. 19--There may not be much festive cheer this year for the chief executives of Fiat and General Motors, Sergio Marchionne and Richard Wagoner. They have 30 business days to settle their dispute over the put option that allows Fiat to force GM to buy its car division. Failure will mean litigation which could be harmful to both sides. But since neither seems to want to be left owning the hapless Fiat Auto an agreement will be difficult to achieve.
GM says that Fiat has violated the terms of the master agreement to the deal signed in 2000, which gave Fiat the option to sell the remainder of its car-making division. In particular, ...