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Article: Fiat seeks to spin off nonauto assets; GM execs reportedly asked to OK new publicly listed company.(News)

Article from:
Automotive News
Article date:
January 20, 2003
Copyright

Byline: Luca Ciferri

Fiat Group's top executives met with their General Motors counterparts in New York on Friday, Jan. 17, to discuss a plan to save struggling Fiat Auto with the U.S. automaker's help.

The Fiat delegation, led by Chairman Paolo Fresco, CEO Alessandro Barberis and CFO Ferruccio Luppi, met with GM CEO Rick Wagoner and CFO John Devine. According to Fiat sources, GM was asked to approve a plan to spin off all Fiat S.p.A. assets except Fiat Auto into a new publicly listed company in exchange for several changes in an agreement that requires GM to take over the Italian automaker.

GM would not confirm or deny the meeting, and the ...

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