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Industry: Email Alert RSS FeedFiat: We don't need GM cash.(News)(Brief Article)
Automotive News Europe, October, 2003
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Byline: Luca Ciferri
Fiat group CEO Giuseppe Morchio says General Motors cash isn't needed for Fiat Auto's [euro]5 billion recapitalization. And Fiat doesn't intend to exercise its put option to make GM buy Fiat Auto, he adds.
"We are self-sufficient from the financial standpoint and not dependent on a possible capital increase from GM," Morchio said.
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GM refused to invest in its part of the Fiat Auto recapitalization approved in April. Consequently, GM's stake in Fiat Auto was diluted from 20 percent to 10 percent. If GM doesn't inject capital by October 2004, ...
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