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Article: Founding family buys shares to retain its control of Fiat group; Italian regulators probe Agnelli dea.(News)(Column)
- Article from:
- Automotive News Europe
- Article date:
- October 3, 2005
- Author:
CopyrightCOPYRIGHT 2005 Crain Communications, Inc. 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)
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Byline: Luca Ciferri
The Agnelli family invested [euro]576 million into Fiat group late last month to remain the Italian conglomerate's largest shareholder.
With the new shares the Angellis maintain their 30.06 percent of voting stock.
Had they not bought the shares, the September 20 conversion of a loan given to Fiat three years ago by eight banks would have diluted the family's shareholding to 21.9 percent and given the banks a combined 26.7 percent of Fiat's capital.
The Agnelli's maneuver kept the banks from gaining enough shares to potentially challenge Fiat's founding family for control of the company.
The financial ...