Financier readies Fiat rescue bid.(News Roberto Colaninno)

Byline: Luca Ciferri Automotive News Europe

The Italian financier trying to gain control of Fiat group could reveal his plans to Fiat's board of directors as early as this week.

Roberto Colaninno, who four years ago led Italy's biggest-ever hostile takeover, will need some diplomacy to win Fiat. Many industry observers say his chances are slim.

Separately, Fiat SpA and Fiat creditor banks are supporting a movement to spin off the automotive operations, using an initial public offering to raise fresh cash.

The 59-year-old Colaninno led a [euro]19 billion takeover of ...